In New York, a buyer's agent has several fiduciary duties to their client. All of the following are required fiduciary duties of a buyer's agent EXCEPT:
Correct Answer
C) Negotiating the lowest possible purchase price regardless of market conditions
While a buyer's agent should negotiate in the client's best interests, they are not required to negotiate the lowest possible price regardless of market conditions. The agent should provide market analysis and advice to help the buyer make competitive offers that are likely to be accepted, which may not always be the lowest possible price.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Agency Relationships Disclosures Question
Background Knowledge for Agency Relationships Disclosures
Real World Application in Agency Relationships Disclosures
Common Mistakes to Avoid on Agency Relationships Disclosures Questions
Related Topics & Key Terms
Key Terms:
More Agency Relationships Disclosures Questions
What is the primary risk that New York dual agency disclosure is designed to address?
Under New York law, what is dual agency?
What document must be provided to both parties before a New York broker can act as a dual agent?
Agent Michelle meets first-time homebuyer Tony at her brokerage's office in Albany. Tony asks about the difference between condos and co-ops in the area. What must Michelle do before explaining these property types?
Which of the following most accurately describes the content required in the agency disclosure form under NY Real Property Law §443?
- → Under New York's agency disclosure law, which of the following constitutes 'first substantive contact' that would trigger the disclosure requirement?
- → Under NY Real Property Law §443, at what point must a real estate agent provide the agency disclosure form to a prospective buyer during an initial property visit?
- → In a New York disclosed dual agency transaction, the seller asks the dual agent: 'What is the lowest price I should accept for this property?' How must the dual agent respond?
- → In New York, what happens if a broker acts as a dual agent without obtaining proper written consent from both parties?
- → In New York real estate law, what is dual agency?
- → In New York, what form of consent is required for dual agency?
- → When acting as a dual agent in New York, which type of information can an agent share with both parties?
- → Under New York law, what does 'informed consent' mean in the context of dual agency?
- → A New York real estate broker wants to represent both the buyer and seller in a transaction. What is required under New York law before the broker can act as a dual agent?
- → In New York, a dual agent may do all of the following EXCEPT:
People Also Study
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam
Previous Question
A buyer's agent in New York learns that her client's debt-to-income ratio is 28%, while the co-op board for the property he wants to purchase typically rejects applicants with ratios above 25%. The client is otherwise pre-approved for financing. Which action best reflects the agent's fiduciary duty to her client?
Next Question
David is a buyer's agent representing client Jennifer who is interested in purchasing a property in New York. During a property showing, David notices water stains on the basement ceiling that suggest a possible leak. What is David's obligation regarding this observation?