Brokerage
Buyer representation agreement
The employment contract between a buyer and a brokerage
It makes the buyer a client rather than a customer, and it sets out the term, the scope of the search and how the brokerage is compensated — which may be by the seller, by the buyer, or by a combination, disclosed in writing.
How the exam asks about it
Compensation and agency are separate questions. Who pays a brokerage does not by itself determine whom that brokerage represents.
Related terms
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