Agency
In Louisiana, a buyer's representation agreement is:
AIllegal because it creates dual agency
BA contract between the buyer and broker establishing that the broker will represent the buyer's interests in purchasing property✓ Correct
CRequired only for commercial purchases
DOnly valid if signed before viewing any properties
Explanation
A buyer's representation agreement is a contract that establishes the agency relationship between a buyer and a broker, defining the broker's duties to the buyer, the scope of services, compensation arrangement, and duration.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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