Which statement describes open buyer agency?

Which statement describes open buyer agency?

• A. This arrangement is exclusive and requires the buyer to work with one broker
• B. This arrangement is nonexclusive and allows the buyer to employ unlimited brokers, paying only the broker who locates the property
• C. This arrangement provides that the broker is paid only if the buyer completes the purchase
• D. This arrangement eliminates any obligations to the buyer's representation

Answer: (B)

Open buyer agency is a nonexclusive arrangement in which you can work with multiple brokers at the same time. You’re not bound to a single agent, so you can compare different brokers and what they bring to the table. The defining feature is that you typically compensate only the broker who actually finds a property you end up purchasing and helps you complete the transaction. This setup contrasts with exclusive arrangements, where you commit to one broker who represents you and earns a commission if you buy during the term, regardless of who found the property. The idea that you pay only the broker who locates the property captures the essence of open buyer agency: multiple brokers can be involved, but the broker who brings the deal is the one compensated.

Open buyer agency is a nonexclusive arrangement in which you can work with multiple brokers at the same time. You’re not bound to a single agent, so you can compare different brokers and what they bring to the table. The defining feature is that you typically compensate only the broker who actually finds a property you end up purchasing and helps you complete the transaction. This setup contrasts with exclusive arrangements, where you commit to one broker who represents you and earns a commission if you buy during the term, regardless of who found the property. The idea that you pay only the broker who locates the property captures the essence of open buyer agency: multiple brokers can be involved, but the broker who brings the deal is the one compensated.