A buyer's agent in New York owes the seller:

This question addresses the fundamental concept of agency relationships in New York real estate, which is crucial for both exam success and professional practice. Understanding who owes what duties to whom prevents legal violations and ensures ethical conduct. The question tests whether students recognize that buyer's agents have limited obligations to sellers. While fiduciary duties (loyalty, confidentiality, obedience, disclosure, accounting, and reasonable care) are owed exclusively to the buyer, the law requires all parties to deal honestly and fairly with each other. This creates a baseline level of conduct that transcends specific agency relationships. The question is challenging because it requires distinguishing between fiduciary obligations (which flow only to the represented party) and general ethical standards (which apply to all participants in a transaction). Many students incorrectly assume that agency relationships automatically create fiduciary duties between all parties, when in fact they create specific duties only between agent and client.