Agency
A Wisconsin buyer's agency agreement that specifies an 'exclusive' relationship means the buyer:
AMay work with any agent simultaneously
BHas agreed to work only with that broker for purchases within the agreement's scope and term✓ Correct
CMay terminate the agreement at any time without consequence
DIs guaranteed to find a home
Explanation
An exclusive buyer agency agreement means the buyer agrees to work only with the designated broker for purchases of property meeting the agreement's criteria during the specified period.
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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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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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