Agency
What is 'non-exclusive buyer agency agreement' and how does it differ from an exclusive one in Hawaii?
AA. Non-exclusive and exclusive buyer agency agreements are identical in Hawaii
BB. A non-exclusive agreement allows the buyer to work with multiple agents simultaneously; a buyer purchasing through another agent doesn't obligate compensation to all agents; an exclusive agreement obligates compensation if the buyer purchases during the term✓ Correct
CC. Non-exclusive agreements are preferred by Hawaii sellers; exclusive agreements by buyers
DD. Non-exclusive agreements are not recognized in Hawaii; only exclusive agreements are valid
Explanation
A non-exclusive buyer agency agreement allows the buyer to work with multiple agents. The broker only earns compensation if they directly facilitate the purchase—if the buyer buys through another agent, no compensation is owed to the non-exclusive agent. An exclusive agreement creates an obligation regardless of who finds the property. Buyers prefer non-exclusive; brokers prefer exclusive agreements.
Related Hawaii Agency Questions
- What is 'in-house transaction' or 'office exclusivity' in Hawaiian real estate brokerage?
- In Hawaii, an agent who fails to present an offer to the seller because they personally believe it is too low is:
- What is 'informed consent' to dual agency and why is it required in Hawaii?
- In Hawaii, which of the following is NOT a common method by which a buyer-broker agreement may be terminated?
- In Hawaii, a real estate licensee who represents only the buyer in a transaction is known as a:
- Under Hawaii law, when does a buyer's agency agreement typically terminate?
- A Hawaii buyer's agent discovers the property they are making an offer on belongs to the agent's direct competitor. Should this affect how the agent represents the buyer?
- When does an agency relationship between a broker and seller typically terminate?
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