NY Real Estate Exam Agency Relationships

Question 1

When a real estate salesperson represents the seller in a transaction, what type of agency relationship exists?

Accepted Answer

Seller's agency

Answer

When an agent represents the seller, a seller's agency relationship exists, and the agent owes fiduciary duties to the seller.

Question 2

Under New York law, when must a real estate agent provide the agency disclosure form to a prospective buyer?

Accepted Answer

At the first substantive contact

Answer

New York law requires agents to present the Agency Disclosure Form at the first substantive contact with a prospective buyer or seller.

Question 3

What is dual agency in a real estate transaction?

Accepted Answer

One agent representing both the buyer and the seller in the same transaction

Answer

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.

Question 4

Which of the following is a primary fiduciary duty owed by a buyer's agent to their client?

Accepted Answer

Loyalty — placing the buyer's interests above all others

Answer

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.

Question 5

In New York, what document must agents use to disclose their agency status to consumers?

Accepted Answer

Agency Disclosure Form

Answer

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.

(NY Real Estate Exam) New York Real Estate Exam Practice Test

(NY Real Estate Exam) New York Real Estate Exam Practice Test

NY Real Estate Exam Agency Relationships