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
In a dual agency arrangement in New York, what must the agent do before proceeding?
Answer: Obtain informed written consent from both the buyer and the seller
New York law requires that both the buyer and seller provide informed written consent before an agent can legally act as a dual agent in a transaction.
What is the term for a licensee who assists a buyer with showings and information but has no formal agency agreement with that buyer?
Answer: Non-agent facilitator
Without a formal agreement, the licensee is acting as a facilitator or non-agent, providing ministerial services without full fiduciary obligations to the buyer.
What is vicarious liability in the context of real estate agency?
Answer: A broker's legal responsibility for the authorized acts of their agents
Vicarious liability holds the broker legally responsible for the actions of their agents when those actions fall within the scope of their authorized agency duties.
Which of the following does NOT terminate an agency relationship in New York?
Answer: The agent taking a vacation
An agent taking a vacation does not terminate the agency relationship; termination requires events such as mutual consent, death of a party, or completion of the purpose.
Under New York's Property Condition Disclosure Act, what must a seller of a one-to-four family dwelling do?
Answer: Complete and deliver a written property condition disclosure statement to the buyer
New York's Property Condition Disclosure Act requires sellers of one-to-four family dwellings to provide buyers with a completed written disclosure statement about known property conditions.
Which type of agency authorizes an agent to perform only one specific task, such as selling a single property?
Answer: Special agency
Special agency limits the agent's authority to one specific task or transaction, which is the most common form of agency in residential real estate sales.
What is an exclusive buyer agency agreement?
Answer: A contract where the buyer agrees to work only with one agent, who represents solely the buyer's interests
An exclusive buyer agency agreement binds the buyer to work with a single agent who owes full fiduciary duties solely to the buyer throughout the home search and purchase process.