SU # 22__Buyer Representation Agreement and Compensation Issues Flashcards
What are the three types of buyer agency agreements?
Exclusive buyer agency agreement
Exclusive-agency buyer agency agreement
Open buyer agency agreement
What are the ways a buyer’s brokerage firm could receive compensation?
The seller could pay the commission.
The buyer could pay the commission.
The seller and the buyer could both pay the commission.
What does the “Limitations of Agent’s Duties” provision explain?
It describes the limitations of the agent, including the acknowledgement that he or she is not an expert in certain fields. It also explains that the agent may work for other buyers and may show the same properties to multiple buyers.
What does it mean when a buyer checks “yes” to the dual representation paragraph of the buyer representation agreement?
By checking “yes” to this paragraph, the buyer is only acknowledging that the possibility of dual agency exists and that he or she has read the paragraph and understands what it means.
The reason licensees like buyer agency so much is:
It’s more money for the broker
The buyer will be loyal to the buyer’s agent
The licensee offered it
Buyers can work with more than one agent
The buyer will be loyal to the buyer’s agent
What are the three types of Buyer’s Agreements?
Exclusive purchase, Exclusive seller, Closed buyer agency.
Limited Exclusive buyer, Exclusive dual agency buyer, Open ended buyer agency.
Exclusive buyer, Exclusive agency buyer, Open buyer agency.
Exclusive closed buyer, Exclusive open agency buyer, Restrictive buyer agency.
Exclusive buyer, Exclusive agency buyer, Open buyer agency.
It is important that you take the time to go over each of the provisions of the buyer representation agreement especially the ___.
indemnification of agent provision.
services provision.
HUD provision
compensation provision.
compensation provision.
When the buyer checks “yes” to dual agency on a Buyer Representation agreement, what does the buyer actually agree to?
By checking “yes” to this paragraph, the buyer is only acknowledging that the possibility of dual agency exists.
By checking “yes” to this paragraph, the buyer agrees to dual agency.
By checking “yes” to this paragraph, the seller agrees to dual agency.
By checking “yes” to this paragraph, the buyer agrees to dual agency only if shown company listings.
By checking “yes” to this paragraph, the buyer is only acknowledging that the possibility of dual agency exists.
Getting paid by the buyer before showing him homes is an example of
A bonus
A crime
A retainer fee
A transaction fee
A retainer fee
After the termination of a Buyer’s Agreement, when might a licensee’s firm still earn a commission?
If the buyer purchases a property that is listed in the MLS.
If the buyer purchases a FSBO property.
If the buyer purchases a property that was shown by the licensee during the term of the agreement.
If the buyer purchases a property that is listed with the licensee.
If the buyer purchases a property that was shown by the licensee during the term of the agreement.
Under an exclusive buyer brokerage agreement, the buyer may have to pay the buyer agent’s commission
When the seller and listing broker will not
When the buyer makes a full price offer
When the buyer makes an offer
Before finding a home
When the seller and listing broker will not
The best reason for the buyer to have representation is:
The seller has representation.
The listing agent is on the seller’s side.
The licensee offered it.
The buyer’s agent can provide a strong negotiating position.
The buyer’s agent can provide a strong negotiating position.
What type of contract is a Buyer’s Agreement?
Due Diligence
Employment
Partnership
Work Order
Employment
Which provision in the buyer’s agreement deals with the limits to the professional duties and abilities of the licensee?
Disclaimer
Buyer’s Duties
Minimum Services
RESPA Compliance
Disclaimer
