Agency
When a New Mexico buyer's agent writes a purchase offer, who is the agent legally representing?
AThe seller, because the seller pays the commission
BThe buyer, per the buyer representation agreement✓ Correct
CThe MLS, as the coordinating body
DNeither party—agents are always neutral
Explanation
A buyer's agent represents the buyer—not the seller—regardless of who pays the commission. Under buyer representation, the agent's fiduciary duties run to the buyer.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
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.
Math Concepts
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