Agency
In Virginia, a buyer's broker agreement that is exclusive means:
AThe buyer may not view properties without the agent present
BThe buyer must compensate the broker even if the buyer finds a property on their own during the agreement period✓ Correct
CThe broker represents only one buyer in the market at any time
DThe agreement can only be cancelled with VREB's approval
Explanation
An exclusive buyer-broker agreement obligates the buyer to compensate the broker for any property purchased during the agreement term, even if the buyer locates the property independently.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA 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.
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