In Arizona, a buyer's broker agreement that is exclusive means:
Why The buyer agrees to work with only that broker for the time period specified Is Correct
Answer B: The buyer agrees to work with only that broker for the time period specified
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.
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Key Terms to Know
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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