The buyer consultation is the professional starting point of the buyer-agent relationship. Post-NAR settlement, this meeting has become critical for discussing and signing the required buyer agency agreement before any property showings.
During a buyer consultation, Agent Lee discusses the family's budget, preferred neighborhoods, and must-have features. She explains her fiduciary duties, reviews the buyer agency agreement, and explains how her compensation works under current rules.
The buyer consultation is where the buyer agency agreement gets signed. Know that this must happen BEFORE showing property. Exam questions often test the sequence: consultation → agreement signed → property showings.
Related Terms
Related Concepts
The fiduciary obligations a buyer's agent owes to their client, including loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care.
A form that explains to the buyer the types of agency relationships available and the duties associated with each, required to be provided before substantive discussions begin.
The practice of a listing broker sharing commission with a buyer's broker, historically offered through the MLS but now prohibited from MLS display under the 2024 NAR settlement.
The duty of a buyer's agent to act solely in the buyer's best interest, avoiding any conflicts of interest and putting the buyer's needs above the agent's own financial interests.
The legal ending of a buyer representation agreement, which can occur through expiration, mutual consent, breach, or specific termination provisions outlined in the contract.
Frequently Asked Questions
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