Post-NAR settlement, agents must have a signed buyer agency agreement before showing any property. This includes private showings, open houses where the agent accompanies the buyer, and virtual tours with substantive discussions. Agents must also arrange showings through proper channels with the listing agent.
Before scheduling a showing, Agent Patel confirms that her buyer has signed a buyer agency agreement, then contacts the listing agent to request showing access through the MLS showing management system.
The key exam point: a signed buyer agreement is required BEFORE showing property, not after. Open houses attended independently by the buyer do NOT require an agreement, but if an agent accompanies the buyer, one is needed.
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.
An initial meeting between a buyer and agent to discuss the buyer's needs, explain agency relationships, review representation agreements, and establish expectations for the home-buying process.
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.
Frequently Asked Questions
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