Agency
Under Rhode Island law, a 'non-exclusive buyer agency agreement' means:
AThe buyer may not work with any other broker
BThe buyer can work with other brokers while also being represented by this broker✓ Correct
CThe broker will only work with this buyer
DThe broker is not compensated unless they find the property
Explanation
A non-exclusive buyer agency agreement allows the buyer to work with multiple brokers simultaneously. The broker who produces the property the buyer purchases typically earns the commission.
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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.
Math Concepts
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