In NC, a 'buyer agency agreement' is a written contract between the buyer and:
Why The buyer's broker, establishing the scope of representation and compensation Is Correct
Answer B: The buyer's broker, establishing the scope of representation and compensation
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
Key Agency Terms in This Question
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Related North Carolina Questions
- A North Carolina broker who provides services to a buyer without a written buyer agency agreement is acting as:Agency
- Under NC law, an agency relationship created through the conduct of the parties (rather than a written agreement) is called:Agency
- In NC, a buyer who submits an offer and pays an earnest money check, but no written buyer agency agreement has been signed, has implicitly established what type of relationship?Agency
- Which document in North Carolina establishes the seller's agency relationship and authorizes the broker to market the property?Agency
- Under NC license law, a broker must provide a written agency agreement before performing which service?North Carolina License Law
- A broker in NC who represents both a buyer and seller and fails to disclose this dual agency relationship prior to entering into a binding contract has violated:North Carolina License Law
- A NC buyer and seller agree verbally on a sale price but have not yet executed a written contract. This verbal agreement is:Contracts
Key Terms to Know
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.
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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