New York State Real Estate Salesperson Licensing Exam

What document typically outlines the responsibilities of a licensed real estate agent?

1. Listing agreement

2. Agency disclosure form

3. Brokerage agreement

4. Sales contract

The correct answer is: Agency disclosure form

The agency disclosure form is fundamental in outlining the responsibilities of a licensed real estate agent. This document is required in New York State and serves to inform clients about the nature of the agency relationship being established. It details the obligations and duties that the agent has toward their client, including loyalty, confidentiality, and full disclosure. This form is crucial because it clarifies the role and responsibilities of the agent, ensuring that the client understands how their interests will be represented. By providing this clear communication, the agency disclosure form protects both the agent and the client, ultimately fostering transparency in the professional relationship. While other documents, such as the listing agreement, brokerage agreement, and sales contract play important roles in real estate transactions, they primarily serve different purposes. For instance, the listing agreement specifically pertains to the terms of hiring an agent to sell a property, while the brokerage agreement outlines the relationship between the brokerage and the agent. The sales contract, on the other hand, is focused on the transaction between buyer and seller. None of these documents focus directly on the disclosure of the responsibilities of the agent within the agency relationship, which is what the agency disclosure form specifically addresses.