Agency
Under NJ's Buyer Agency Act, a buyer who signs an exclusive buyer agency agreement with one broker and then purchases a property through another broker without consent may:
ADo so freely since the second broker procured the property
BBe liable for the original buyer agent's commission if the exclusive agreement terms provide for it✓ Correct
COnly owe a reduced fee
DVoid the original agreement by finding a better deal
Explanation
An exclusive buyer agency agreement obligates the buyer to work only with the contracted broker for the duration of the agreement. If the buyer purchases through another broker during the exclusive period, they may owe the original agent commission per the agreement terms.
Related New Jersey Agency Questions
- The principal in an agency relationship is:
- An agent's duty to OBEY the principal's lawful instructions means:
- An agent who has an undisclosed interest in a property they are selling on behalf of a client is guilty of:
- Dual agency in New Jersey is:
- In an exclusive agency listing, the seller can sell the property themselves without:
- When a NJ seller instructs their listing agent to conceal a known roof leak from prospective buyers, the agent must:
- A NJ buyer's agent recommends three contractors for home repairs without receiving referral fees from them. This action is:
- An open listing allows the seller to:
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