Agency
Vermont's Buyer's Agency Agreement becomes binding when:
AThe buyer tours the first property
BBoth the buyer and the broker sign the agreement✓ Correct
CThe buyer submits their first offer
DThe buyer receives pre-approval
Explanation
A buyer's agency agreement is binding when signed by both the buyer and the broker, establishing the agency relationship, compensation terms, and other obligations.
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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.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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.
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