A single agency relationship, often referred to as an exclusive buyer’s agency agreement. Thus, this occurs when a home buyer works exclusively with one real estate agent or agency to assist them in their home buying process.
As previously noted, a single agency relationship provides certain duties to a buyer or seller. In a nutshell, the real estate sales associate and their employing Broker become your fiduciaries. They are officially the “agents” and you are officially the “client”. They owe you, as the client, a set of duties that are only present in this agreement whether you are the home seller or the home buyer.
A real estate agency relationship or agreement dictates the responsibilities owed to you by your representing agent or Broker. Depending on the state, these rules are modified in small ways but overall, the end results will tend to the be the same. We will go into agency relationships below, but first, let’s start with the 3 types of realtor agency relationships.