Agency
Which of the following best describes a 'buyer representation agreement' in Delaware?
AAn agreement requiring the buyer to pay the agent regardless of who finds the property
BA written contract between the buyer and broker establishing the buyer-broker agency relationship and the terms of compensation✓ Correct
CAn agreement allowing the buyer to terminate the transaction at will
DA standard MLS form authorizing the buyer's agent to access the property
Explanation
A buyer representation agreement is a written contract between a buyer and broker that creates the buyer-agency relationship, defines the scope of services, specifies the term, and establishes how the broker will be compensated.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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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