Agency
A Wisconsin buyer's agent writes an offer for a client. The offer is submitted and accepted. At this point, the agent's agency relationship with the buyer:
AAutomatically terminates upon acceptance
BContinues through closing and any post-closing obligations✓ Correct
CConverts to dual agency
DTransfers to the title company
Explanation
A buyer's agency relationship continues through the closing of the transaction and through any post-closing obligations outlined in the buyer agency agreement. It does not automatically terminate upon offer acceptance.
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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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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