Ch. 5 - Agency Relationships

Question 1

An agent who represents only one person in the transaction, either the buyer or the seller.

Answer 1

Single Agent

Question 2

______ dual agency occurs when a real estate licensee tries to represent the seller as a client and the buyer as a client in the same transaction.

Answer 2

Single licensee dual agency

Question 3

______ dual agency occurs when two agents in the broker’s firm represent both the seller and the buyer in a single transaction.

Answer 3

Broker dual agency

Question 4

_______ is the situation that exists when a real estate firm or a real estate licensee represents both the seller and the buyer or the landlord and the tenant in the same transaction.

Answer 4

Dual agency

Question 5

_______ is a dual agency relationship that is not disclosed and agreed to in writing. If this situation occurs, the agent has breached his or her fiduciary responsibilities to the client and has also violated New York State License Law.

Answer 5

Undisclosed dual agency

Question 6

a _____ is an agent that cooperates with or is engaged by a listing agent, a buyer’s agent or a tenant’s agent o assist in locating a property to sell, buy, or lease. Does not work for the same firm as the listing agent, buyer’s agent or tenant’s agent.

Answer 6

broker’s agent

Question 7

Any broker who is not the listing broker is known as the _______ broker.

Answer 7

selling or cooperating broker.

Question 8

According to ________ a broker may accept a referral fee or other compensation from a party that he or she does not represent, as long as the broker discloses the fact to all parties and gets their consent.

Answer 8

Real Property Law Section 175.7