New York Real Estate Broker Exam — All Questions
3 questions
New York licensees must present the statutory 'Disclosure Regarding Real Estate Agency Relationships' form to buyers and sellers:
- a.At the first substantive contact, obtaining a signed acknowledgment✓
- b.Only at the closing table
- c.Only when a dual agency arises
- d.Only if the consumer asks about representation
The statutory agency disclosure form must be presented at the first substantive contact, and the licensee must obtain a signed acknowledgment. The form explains the agency relationships available so the consumer understands whom the licensee represents; providing it does not by itself create agency.
When both the buyer and seller are represented by the same New York firm, the supervising broker may, with informed consent, assign one sales agent to the seller and another to the buyer. This arrangement is called:
- a.Subagency
- b.Single agency
- c.Dual agency with designated sales agents✓
- d.Universal agency
New York permits dual agency with designated sales agents: with informed consent, the supervising broker designates one agent to represent the seller and another to represent the buyer. Each consumer keeps an advocate, while the broker overseeing the designation acts as a dual agent and must protect each side's confidential information.
A New York licensee may act as a dual agent representing both buyer and seller in the same transaction only when:
- a.The listing broker approves it internally
- b.Both parties give informed written consent✓
- c.The transaction is a cooperative sale
- d.The buyer waives the disclosure form
Dual agency is permitted only with the informed written consent of both the buyer and the seller. A dual agent cannot fully advocate for either side and must not disclose one party's confidential negotiating information to the other.