Agency Relationships Flashcards
7 cards from real NY REAL ESTATE EXAM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Agency Relationships flashcards as text
When a real estate salesperson represents the seller in a transaction, what type of agency relationship exists?
Answer: Seller's agency
When an agent represents the seller, a seller's agency relationship exists, and the agent owes fiduciary duties to the seller.
Under New York law, when must a real estate agent provide the agency disclosure form to a prospective buyer?
Answer: At the first substantive contact
New York law requires agents to present the Agency Disclosure Form at the first substantive contact with a prospective buyer or seller.
What is dual agency in a real estate transaction?
Answer: One agent representing both the buyer and the seller in the same transaction
Dual agency occurs when one agent (or brokerage) represents both the buyer and the seller in the same transaction, requiring written consent from both parties.
Which of the following is a primary fiduciary duty owed by a buyer's agent to their client?
Answer: Loyalty — placing the buyer's interests above all others
Loyalty is a core fiduciary duty requiring the buyer's agent to place the buyer's interests above those of all other parties, including the agent's own interests.
In New York, what document must agents use to disclose their agency status to consumers?
Answer: Agency Disclosure Form
New York's Agency Disclosure Form (DOS Form 443-a) is required to be presented to buyers and sellers to disclose the agent's role and agency relationships.
What is designated agency as practiced in New York real estate?
Answer: A broker designating one agent to represent the buyer and another agent from the same brokerage to represent the seller
Designated agency allows a broker to assign one agent to represent the buyer and a separate agent to represent the seller, even within the same brokerage, to avoid dual agency conflicts.
What is the key difference between a general agent and a special agent in real estate?
Answer: A general agent has broad authority to act for the principal; a special agent has authority limited to a specific task
A general agent has broad, ongoing authority to act on behalf of the principal, while a special agent (typical in real estate sales) has limited authority for a specific transaction or task.