Agency
What is a buyer's exclusive agency agreement in Ohio?
AAn agreement only for exclusive buyer's agents
BA written agreement where the buyer works exclusively with one agent/broker for a period✓ Correct
CAn agreement where the agent works without compensation
DA government-approved agency contract
Explanation
An exclusive buyer agency agreement is a written contract where the buyer agrees to work exclusively with a specific agent/broker for a defined period. The agent owes fiduciary duties to the buyer, and compensation terms are specified.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate 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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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