Questions and answers 2025
Buyer's .agent .- .ANS✓✓-The .agent .representing .the .buyer, .and .only .the .buyer,
.in .a .real .estate .transaction
Buyer .agency .agreement .- .ANS✓✓-An .agency .agreement .between .a .buyer .and
.an .agent .to .provide .representation; .it .explains .the .duties .of .the .agent .to .the
.buyer .and .the .duties .of .the .buyer .to .the .agent.
Client .- .ANS✓✓-The .principal .in .a .transaction .who .is .represented .by .an .agent
Customer .- .ANS✓✓-A .person .related .to .the .transaction .who .is .not .represented
.by .the .agent. .For .instance, .a .prospective .buyer .of .a .listing.
Prequalification .- .ANS✓✓-A .letter .from .a .lender .stating .that, .on .the .face .of
.information .provided .by .the .borrower, .the .borrower .will .likely .qualify .for .the
.loan
Open .agency .- .ANS✓✓-Limits .the .amount .of .representation .received .in
.exchange .for .flexibility
Exclusive .agency .- .ANS✓✓-Offers .agent .representation .and .self-representation
Exclusive .right .to .represent .- .ANS✓✓-Offers .the .highest .level .of .representation
Override .clause .- .ANS✓✓-Prevents .buyers .from .reaching .an .agreement .with .a
.seller .on .a .property .and .then .discarding .their .broker .so .that .neither .party .has
.to .pay .a .broker .commission
Protective .list .- .ANS✓✓-List .of .properties .the .licensee .has .shown .the .client
.and .are .therefore .underneath .the .protection .umbrella. .Must .be .provided .to
.client .within .72 .hours .of .agreement .expiration.
When .should .the .agency .disclosure .form .be .presented .to .a .potential .client? .-
.ANS✓✓-At .the .first .face-to-face .meeting