agency
buyer agency agreement
A buyer agency agreement is a contract between a buyer and a brokerage that creates an agency relationship in which the broker represents the buyer's interests in finding and purchasing property. It typically states the term, the type of exclusivity, the broker's duties, and how and by whom the broker will be paid. Following the 2024 NAR settlement, written buyer agreements are generally required before touring homes with MLS participants.
- Exam tip
- Like listings, buyer agreements can be exclusive or open. Compensation must be stated clearly and is fully negotiable; it is never set by the MLS or by law.
- Example
- Before showing homes, an agent and buyer sign a 90-day exclusive buyer agency agreement stating the brokerage will receive 2.5% of the price.
Related terms & state variants
Sources
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Last verified: 2026-10-23