Agency
In New Mexico, a buyer's representation agreement that is exclusive means:
AThe buyer can work with any agent simultaneously
BThe buyer agrees to work exclusively with that broker for a specified period and property type/area✓ Correct
CThe broker will only show the buyer exclusive listings
DThe broker will not share information with other brokers
Explanation
An exclusive buyer representation agreement obligates the buyer to work only with that broker for the specified time, property type, and geographic area—and typically obligates the buyer to pay commission if they purchase without the broker.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
AgencyA 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.
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