Agency
In Michigan, when does an agency relationship most commonly begin between a buyer and a real estate agent?
AWhen the buyer first tours a property
BUpon execution of a written buyer agency agreement✓ Correct
CWhen the agent shows the MLS listing to the buyer
DWhen an offer is submitted
Explanation
In Michigan, a buyer agency relationship is formally established through a written buyer agency agreement, which spells out the agent's duties, compensation, and the duration of the representation.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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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