Agency
In Colorado, the 'exclusive buyer agency agreement' grants the buyer's broker:
AA. The right to list the buyer's current home
BB. The exclusive right to represent the buyer in purchasing real estate during the agreement period, with the buyer's commitment to work only with that broker✓ Correct
CC. The right to purchase the property if the buyer backs out
DD. The right to set the buyer's maximum purchase price
Explanation
An exclusive buyer agency agreement commits the buyer to working exclusively with one buyer's broker for a specified period. The broker earns a commission if the buyer purchases any property during the agreement term.
Related Colorado Agency Questions
- A Colorado seller's agent is approached by a buyer who wants to make an offer on the listing. If the broker cannot refer the buyer to another broker, the broker may:
- Which of the following is NOT a duty owed by a Colorado transaction broker?
- In Colorado, which of the following would create an 'implied agency' relationship?
- A Colorado broker who is related to the buyer in a transaction must disclose this relationship to:
- A Colorado buyer's agent who persuades a client to make an offer above their budget to earn a higher commission has violated which duty?
- Under Colorado law, a buyer's broker agreement must be in writing to:
- In Colorado, 'apparent authority' of an agent means the principal is bound when:
- In Colorado, which of the following would terminate a listing agreement?
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