agency
written buyer agreement
A signed agreement between a buyer and a brokerage that sets out the services the agent will provide and the compensation the agent will receive. Following the 2024 NAR settlement, MLS participants working with buyers generally must have such an agreement before touring a home, and compensation must be specific and not open-ended. State laws may impose additional requirements.
- Exam tip
- Know the post-settlement rule: the agreement comes before touring and must state compensation clearly. It also clarifies whom the agent represents.
- Example
- Before showing three homes on Saturday, an agent has the buyer sign an agreement stating the brokerage fee is 2.5% of the purchase price.
Related terms & state variants
Sources
Source verification pending. Confirm current requirements with your state regulator.
Last verified: 2026-10-23