Agency
What is the primary purpose of an exclusive buyer agency agreement in Alabama?
ATo guarantee the buyer finds a home
BTo commit the buyer to working exclusively with one agent and to establish compensation✓ Correct
CTo waive the buyer's right to a home inspection
DTo allow the agent to purchase the property on the buyer's behalf
Explanation
An exclusive buyer agency agreement establishes a formal agency relationship, defines the agent's duties, and commits the buyer to work with that agent for a specified period. It also establishes how the agent will be compensated.
Related Alabama Agency Questions
- An agent who has an undisclosed interest in a property they are selling on behalf of a client is violating which fiduciary duty?
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- In Alabama, which type of agency relationship is created when a broker represents both buyer and seller with written consent?
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