New York State Real Estate Salesperson Licensing Practice Exam

Promoting the buyer’s financial interests over the seller’s is not part of a real estate agent’s fiduciary duties because the agent must act in the best interests of their client, which could be either the buyer or the seller, depending on which party they represent in a transaction. If an agent is representing the seller, their fiduciary duty is to promote the seller's interests, ensuring they receive the best possible price and terms. Conversely, if the agent is representing the buyer, their responsibility would be to advocate for the buyer’s needs and interests. This distinction is fundamental to the ethical practice of real estate, as agents are required to honor their fiduciary obligations based on the party they represent.

The other responsibilities listed—accounting for all funds received, disclosing material facts about the property, and keeping the client’s information confidential—are all key aspects of fiduciary duties. Agents must maintain accurate records of all funds and transactions, promptly disclose any pertinent facts that could affect their clients’ decisions, and uphold confidentiality to maintain trust and adhere to legal standards.