Agency
In Rhode Island, when does a buyer's agency relationship typically terminate?
AWhen the buyer views a second property
BUpon closing of the transaction or expiration of the buyer agency agreement✓ Correct
CWhen the buyer makes a written offer
DUpon the seller accepting the buyer's offer
Explanation
A buyer's agency relationship in Rhode Island typically terminates upon the closing of the transaction or upon the expiration date stated in the written buyer agency agreement, whichever comes first.
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Key Terms to Know
Agency
A 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.
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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