Buyer Consultation
Definition
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.
Example
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.
Exam Tip
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 Buyer Rep Terms
Buyer Broker Duties
The fiduciary obligations a buyer's agent owes to their client, including loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care.
Buyer Representation Disclosure
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.
Cooperative Compensation
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.
Buyer Loyalty Obligation
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.
Termination of Buyer Agency Agreement
The legal ending of a buyer representation agreement, which can occur through expiration, mutual consent, breach, or specific termination provisions outlined in the contract.
Buyer Due Diligence
The buyer's right and responsibility to investigate a property's condition, legal status, and suitability before completing a purchase, typically during a specified due diligence period.
Frequently Asked Questions
Test Your Buyer Rep Knowledge
Practice with exam-style questions to make sure you can apply Buyer Consultation and other buyer rep concepts.