Agency
A Utah real estate licensee acting as a buyer's agent signs a buyer representation agreement. This agreement:
AAutomatically makes the agent a dual agent
BCreates an agency relationship and may specify compensation terms and duration✓ Correct
CMust be filed with the Utah Division of Real Estate
DIs only valid for 30 days by law
Explanation
A buyer representation agreement formalizes the agency relationship between the buyer and agent. It typically specifies the agent's duties, the duration of representation, property types sought, and any compensation arrangements.
Related Utah Agency Questions
- A Utah agent representing a buyer in a multiple-offer situation should advise the buyer to:
- The duty of 'obedience' in a fiduciary relationship means an agent must:
- An agent's duty of confidentiality in Utah survives the termination of the agency relationship, meaning:
- Puffing in real estate refers to:
- In Utah, a transaction coordinator who performs only administrative functions (scheduling, document collection) without negotiating:
- A Utah agent working as a limited agent (dual agent) may NOT:
- In a Utah buyer representation agreement, if the buyer finds a property on their own without the agent's assistance, does the buyer still owe the agent a commission?
- If a Utah buyer cancels a contract within the due diligence period, what must the buyer's agent do with the earnest money?
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