Agency
What is an 'exclusive buyer agency agreement' and how does it protect both the buyer and agent in Pennsylvania?
AAn agreement where the buyer agrees to work exclusively with one agent who must exclusively represent only them
BA written agreement where the buyer commits to working exclusively with one broker for a specified period, and the broker commits to representing the buyer's interests; protects the agent's right to compensation✓ Correct
CAn agreement requiring the buyer to purchase only properties listed by the agent's brokerage
DA PREC-mandated form for all buyer representation in Pennsylvania
Explanation
An exclusive buyer agency agreement commits the buyer to working with one broker for a specified period (typically 90 days to one year) in exchange for full buyer agency representation. It protects the agent by ensuring compensation if the buyer purchases any property — including FSBO, new construction, or cooperating broker listings — during the agreement term.
Related Pennsylvania Agency Questions
- What is 'ratification' of an agent's unauthorized act in Pennsylvania real estate?
- A seller's agent who learns that the seller is willing to accept $20,000 below the listing price should:
- Agency by estoppel is created when:
- When a Pennsylvania buyer's agent represents a buyer purchasing a For Sale By Owner (FSBO) property, compensation is typically addressed by:
- A buyer's agent discovers that the property has a material defect not disclosed by the seller. The agent should:
- If a Pennsylvania listing broker and buyer's broker are from the same company, this is most accurately described as:
- In Pennsylvania, a buyer's agent's duty of 'accounting' requires the agent to:
- A Pennsylvania buyer's agent who learns their buyer is willing to pay significantly more than the asking price must:
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