A broker-in-charge in Gastonia is preparing an exam-prep note on buyer agency agreements and the written-agreement deadline. Which statement best applies under current North Carolina law?
Correct Answer
D) 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 relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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