What is a 'buyer representation agreement' and what does it accomplish?
Why A contract between a buyer and a broker authorizing the broker to represent the buyer's interests in finding and purchasing real property Is Correct
Answer B: A contract between a buyer and a broker authorizing the broker to represent the buyer's interests in finding and purchasing real property
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
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- When an agent creates an agency relationship through actions rather than an explicit agreement, this is called:Agency
- In a buyer's agency relationship, to whom does the agent owe fiduciary duties?Agency
- A seller's agent who unintentionally creates an agency relationship with the buyer by providing advice and assistance may be guilty of:Agency
- Which fiduciary duty requires an agent to keep the principal's confidential information secret even after the agency relationship ends?Agency
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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