Agency
An Alaska buyer's agent who represents a buyer purchasing new construction from a developer must know that:
AThe developer's onsite sales agent may also represent the buyer
BThe buyer may benefit from independent representation since the developer's agent represents the developer✓ Correct
CNew construction purchases require no agency representation
DStandard Alaska purchase agreements cannot be used for new construction
Explanation
The developer's onsite sales agent represents the developer, not the buyer. Having independent representation through a buyer's agent gives the buyer an advocate who works in their best interest rather than the developer's.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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