Which One of the following Statements Is True regarding a Buyer Representation Agreement

Real estate® agents acting as agents or brokers of sellers/owners or as sub-agents of listing brokers will disclose this relationship to buyers/tenants as soon as possible and provide buyers/tenants with written confirmation of such disclosure no later than the conclusion of a purchase or lease agreement. (Modified 1/04) One. The BR-11 does not because it is neither exclusive nor revocable. The buyer can change brokers at any time. While this form does not bind the buyer to a broker, using two different brokers on the same property is very confusing for all parties and may not help the buyer negotiate with the seller. A best practice for a buyer would be to withdraw from one contract before entering into another with another broker. Nap-11 requires the buyer to pay the broker (irrevocably) in certain circumstances, but this is not exclusive, meaning the buyer may use more than one broker. The broker is only paid if he presents the specific property to the buyer or otherwise acts on behalf of the buyer. It would be permissible to use this contract with two different brokers on two different properties without paying both. AAP-11 requires the buyer to use a single broker for the transaction. It is exclusive and irrevocable. Even if a buyer enters into a different agreement with another broker or hires another broker without the benefit of an agreement, when the buyer acquires the property identified in the agreement, he may still owe compensation to the broker. Real estate® agents will not ask for buyer/tenant agreements from buyers/tenants who are subject to exclusive buyer/tenant contracts.

However, if the broker is solicited by a REAL ESTATE® AGENT, refuses to disclose the expiry date of the exclusive buyer/tenant contract, the REAL ESTATE AGENT can contact the buyer/tenant to obtain this information and can discuss the conditions under which the REAL ESTATE AGENT®® can conclude a future buyer/tenant contract or conclude a buyer/tenant contract that comes into force after the expiry of an existing exclusive buyer/tenant contract. (adopted on 1/94, amended on 1/98) 4. Article 9 of the Code of Ethics requires that, in order to protect all parties, real estate agents shall ensure®, to the extent possible, that all agreements relating to real estate transactions are concluded in writing. Real estate® agents may not use information obtained from listing brokers through offers of cooperation made through multiple registration services or other offers of cooperation to refer clients of listing brokers to other brokers or to establish buyer-tenant relationships with clients of listing brokers, unless such use is approved by listing brokers. (modified 1/02) REAL ESTATE AGENTS may not acquire an interest in themselves or make® offers from themselves, a member of their immediate family, their companies or a member thereof, or companies in which they have an interest, real estate, without informing the owner or the owner`s representative or broker of their true position. When selling a property they own or are involved in, real estate agents will disclose their ownership or stake in writing to the buyer or the buyer`s® representative. (Modified on 1/00) [listen] In interpreting this commitment, BROKERS cannot take a safer guide than the one passed down over the centuries® and embodied in the Golden Rule : “Whatever you want others to do to you, do it to them.” REALTORS® is free to establish contractual relationships or negotiate with sellers/owners, buyers/tenants or other persons who are not subject to an exclusive agreement but do not knowingly oblige them to pay more than one commission, except with their informed consent. (Amended 1/98) One. In a single agency, the broker represents only one of the clients (buyer or seller). In the dual agency, the broker represents both the buyer and the seller in the same transaction. Even though in the real estate industry, a seller in an office works with a buyer and another seller in the same office works with the seller, the broker of the real estate company is considered a double agent.

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