Agency
Indiana's 'Exclusive Buyer Agency' arrangement means:
AThe buyer cannot purchase property without the agent's permission
BThe agent represents only buyers (never sellers) in all transactions
CThe buyer agrees to work exclusively with one agent for a defined period and geographic area✓ Correct
DThe agent represents only one buyer at a time
Explanation
An exclusive buyer's agency agreement obligates the buyer to work exclusively with a specific agent for a defined time period and area, and requires the buyer to pay the agent's compensation if they purchase any property during that period.
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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.
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.
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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