AgencyIntermediateArizona Exam

Which of the following BEST describes a 'non-exclusive buyer broker agreement' in Arizona?

AThe buyer is legally prohibited from entering into any other agency agreement or working with any other broker while the non-exclusive representation agreement is in effect

BThe buyer may work with multiple brokers simultaneously and only owes compensation to the broker who procures the propertyCorrect

CThe buyer must pay the full commission to Broker A regardless of which broker or what method ultimately results in the identification and procurement of the purchased property

DThe broker may simultaneously represent the seller in any transaction in which the buyer client is also represented, since non-exclusive agreements do not prohibit dual agency

Why The buyer may work with multiple brokers simultaneously and only owes compensation to the broker who procures the property Is Correct

Answer B: The buyer may work with multiple brokers simultaneously and only owes compensation to the broker who procures the property

A non-exclusive buyer broker agreement allows the buyer to work with multiple brokers. Compensation is typically owed only to the broker who procures (finds) the property the buyer ultimately purchases.

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

Agency

A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.

Dual Agency

A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.

Lien

A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.

People Also Study

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.

Dual Agency

A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.

Fiduciary Duty

The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.

Listing Agreement

A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.

Math Concepts

Commission Calculation

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