In Alabama, which document formally establishes a buyer agency relationship?
Why The buyer representation agreement Is Correct
Answer B: The buyer representation agreement
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
Key Agency Terms in This Question
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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- In Alabama, a written brokerage agreement that creates an agency relationship between a broker and seller is called a:Agency
- Under Alabama law, when a buyer signs a buyer agency agreement, the agent's loyalty is owed to:Agency
- In Alabama, which type of agency relationship is created when a broker represents both buyer and seller with written consent?Agency
- When does an agency relationship typically terminate in Alabama?Agency
- Alabama's license law defines 'broker' to include a person who, for compensation:Alabama License Law
Key Terms to Know
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
State-Specific Concepts
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