A compliance reviewer in Chapel Hill is answering a client question about 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
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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