A buyer walks into an open house and asks questions about the property but does not sign any representation agreement with the listing agent. What is the buyer's relationship to the listing brokerage?
Correct Answer
A) Buyer as customer
Buyer as customer is correct because the buyer is receiving limited assistance without entering an agency relationship with the listing brokerage.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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A listing agreement creates an agency relationship between:
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