CHP 26 - Buyer Representation Agreement

Question 1

Exclusive Buyer Agency Agreement

Answer 1

Exclusive right to represent

Question 2

Exclusive-Agency Buyer Agency Agreement

Answer 2

If buyer finds property themselves they do not owe a commission

Question 3

Open buyer agency agreement

Answer 3

Non exclusive and unlimited - brokerage who actually locates property gets commission

Question 4

Who pays buyers agent in KY

Answer 4

Seller

Question 5

Provisions Found in KY Buyer rep agreement

Answer 5

1) Compensation
2) Agent Duties
3) Limitation of Agent Duties
4) Buyer’s Duties
5) Indemnification of Broker/Hold harmless
6) Limitation on Broker’s liability
7) RESPA Compliance
8) Dual Representation
9) MISC

Question 6

What’s the effective date of a buyers rep agreement

Answer 6

Broker’s signature date

Question 7

What does limitations of agent’s duties provision explain

Answer 7

agent is NOT an expert in certain fields and may work for other buyers and show same properties to multiple buyers