An office manager in Durham is sorting out a file issue involving buyer agency agreements and the written-agreement deadline. Which statement best applies under current North Carolina law?
Correct Answer
B) A written buyer agency agreement can be exclusive or nonexclusive, but it must clearly state the relationship and compensation terms.
A written buyer agency agreement can be exclusive or nonexclusive, but it must clearly state the relationship and compensation terms.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
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