A listing broker in Greenville 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
A) An oral buyer relationship in North Carolina cannot bind the buyer for a period of time or restrict the buyer's right to work with other agents.
An oral buyer relationship in North Carolina cannot bind the buyer for a period of time or restrict the buyer's right to work with other agents.
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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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