What is meant by buyer agency?

Buyer agency refers to a specific relationship in which a real estate agent is formally engaged to represent the buyer's interests in a property transaction. This relationship is characterized by the obligation of the agent to act in the best interests of the buyer, ensuring they receive guidance and support throughout the purchasing process. The agent owes fiduciary duties to the buyer, which include loyalty, disclosure, and confidentiality.

This arrangement sets the foundation for the agent to negotiate on behalf of the buyer, providing them with representation that focuses solely on their needs, preferences, and objectives. Having a buyer's agent means that the buyer is not working against their own interests through the representation of a seller's agent, which can lead to a conflict of interest.

In contrast, the other choices do not capture the essence of buyer agency. While the first option touches on payment, it does not encompass the representative responsibilities the agent holds towards the buyer. The third option inaccurately describes buyer agency as a contract between the buyer and seller, which fails to reflect the agent's role in protecting the buyer's interests. Finally, the fourth option about auction properties does not relate to the buyer agent's role in standard real estate transactions. Thus, option B accurately portrays the nature of buyer agency and what it entails