Working with Buyers in NC

Question 1

Buyer’s Agent

Answer 1

Has an agency agreement with the buyer

Question 2

Buyer Sub-agency

Answer 2

Licensee has no agency agreement with buyer (customer) and works as sub-agent of seller owing fiduciary duties to seller

Question 3

Switching from seller’s sub-agent to buyer’s agents

Answer 3

Must disclose any known facts to buyer, except confidential information from seller

Question 4

Exclusive Buyer Agency agreement

Answer 4

Buyer works ONLY with the broker

Question 5

Non-exclusive agency

Answer 5

Buyer can work with more than one broker

Question 6

Exclusive Right to represent Agreement

Answer 6

Buyer works with one agent. Broker gets commission no matter who brings buyer

Question 7

Exclusive Agency

Answer 7

Buyer represented by one agent. If buyer finds property broker owed no commission.

Question 8

Open Agency

Answer 8

Buyer can work with multiple agents. Only broker who locates property gets commission. Buyer can find own property and owe no commission.

Question 9

Temporary/Oral Buyer Agency Agreement

Answer 9

Must be put in writing before buyer makes an offer

Question 10

Hot market negotiations

Answer 10

Seller’s have the power, offer at or above listing price

Question 11

Cold market negotiations

Answer 11

Buyer’s in position of power, offer 10% below asking and ask for extras

Question 12

Neutral Market negotiations

Answer 12

Offer just below market price