• Define the various concepts and terms that apply to agency relationships
• Identify the six fiduciary duties that agents owe to their clients and the duties that clients owe to their agents
• Explain the duties that agents owe to customers in a real estate transaction and how they differ from the duties owed to clients
• Recognize how fiduciary relationships are created and terminated, as well as how a breach of contract can occur
• Explain how dual agency, designated agency, and nonagency relationships work
• Determine what New York Real Estate License Laws say about disclosure of agency relationships and when to use the state disclosure form

New York real estate licensees with less than two years of licensure