A buyer touring open houses without a buyer representation agreement:
Correct Answer
B) Is likely being shown the property by the listing agent or seller
With no agreement in place nobody at the open house is working for the buyer: the person showing the home is the listing agent, who owes fiduciary duties to the seller, or the seller in person. Other choices: a buyer cannot claim the listing agent as their representative once inside the home, because that agent already represents the other side; NAR is a trade association and provides no representation to anyone; and a buyer is not required to sign anything before entering an open house, which is the one place the written agreement rule does not reach. Source: NAR settlement practice changes, effective 17 August 2024.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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