Buyer Representation Agreement

1) Who are the parties in a Residential Buyer Representation Agreement?

buyer and seller

client and seller

broker and seller

client and broker

2) With regard to the appointment, what type of right does the client grant the broker when signing a Residential Buyer Representation Agreement?

unilateral

bilateral

exclusive

open

3) Closing, in a sales transaction refers to the date that

the contract is executed

legal title is conveyed to the purchaser

the option period ends

the homes mortgage is paid of

4) With regard to the Residential Buyer Representation Agreement, the term property refers to

any interest in real estate

MLS, for sale by owner and new construction listings

only MLS and for sale by owner listings

only new construction

5) What is the standard term of a Buyer Representation Agreement?

3 months

6 months

1 year

2 years

6) What is the standard commission for the representation of a buyer in Texas?

2%

3%

6%

There is no standard commission

7) If the seller, landlord, or agent refuses or fails to pay a commission that is due, who is responsible for paying?

the client

a court will decide

the title company

no one

8) Does the Buyer Representation Agreement give the broker the right to earn commission in excess of the negotiated commission should it be offered by the seller?

yes

no

9) With regard to the protection period, how many days does the Broker have to send the client a written list of properties called to the attention of the client during the term of the agreement?

3

7

10

15

10) If the client defines the market area in Paragraph 2C as Bexar County, Wilson County, and Guadalupe County, and the sales agent focuses on finding properties in Comal County because the commissions are generally higher, this would be a breach of which fiduciary duty by the sales agent?

care

obligation

loyalty

accountability