Exclusive Buyer Agency
Definition
A representation agreement where the buyer works exclusively with one agent for a specified period, and the agent earns compensation regardless of who finds the property.
Example
A buyer signs an exclusive buyer agency agreement for 90 days. Even if the buyer finds a home on their own at an open house, the agent is entitled to the agreed-upon commission.
Exam Tip
Distinguish exclusive buyer agency from non-exclusive (open) buyer agency. In exclusive agreements, the agent earns commission regardless of who finds the property. The buyer cannot terminate without cause during the term.
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 Consultation
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.
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.
Frequently Asked Questions
Test Your Buyer Rep Knowledge
Practice with exam-style questions to make sure you can apply Exclusive Buyer Agency and other buyer rep concepts.