57. A licensee has an exclusive buyer agency agreement in place. The buyer signs a contract to purchase through a different licensee at an open house. Because of the buyer's agency agreement, which of the following is true?
Answer: C
The original buyer's agent is owed a commission according to the agreement.
When a buyer has signed an exclusive buyer agency agreement, they are legally bound to work with that agent for their property purchases. Thus, the original buyer's agent is entitled to a commission based on the terms outlined in the agreement, even if the buyer attempts to purchase through a different licensee.
A) The seller/listing broker owe the buyer's agent a commission
This option is incorrect because while the buyer's agent may be entitled to a commission, it is typically the buyer who is responsible for paying their agent under the exclusive buyer agency agreement, not the seller or listing broker.
B) The seller/listing broker owe the listing agent and the buyer's agent a shared commission
This option is also incorrect. In a typical transaction, the seller pays the listing agent's commission, and any obligation to the buyer's agent depends on the buyer's agreement with their agent, not a shared commission arrangement.
C) The original buyer's agent is owed a commission according to the agreement
This option is correct. The exclusive buyer agency agreement establishes that the buyer's agent is entitled to a commission regardless of the buyer's actions in trying to purchase through another licensee. This contractual obligation ensures that the agent is compensated for their services.
D) The original buyer's agent is entitled to no commission
This option is incorrect. The exclusive buyer agency agreement ensures that the buyer's agent is entitled to a commission for their role in representing the buyer, regardless of any other transactions the buyer may engage in.
Conclusion
The original buyer's agent is definitively owed a commission according to the exclusive buyer agency agreement, which legally binds the buyer to their representation. All other options fail to recognize the contractual obligations established by the agreement, which secures the agent's right to compensation regardless of the buyer's actions in purchasing a property.