What type of agency relationship is created when a buyer agrees to work exclusively with one broker?

When a buyer agrees to work exclusively with one broker, a buyer's agency relationship is established. This type of agency means that the broker represents the interests of the buyer in real estate transactions. In this relationship, the agent advocates for the buyer, providing them with market insights, search assistance, and negotiation expertise in order to achieve the best possible outcome.

This arrangement benefits the buyer by ensuring that they receive dedicated support tailored to their needs, and it also creates a fiduciary responsibility for the broker, meaning they must act in the buyer's best interest. The exclusivity of the relationship typically means that the buyer cannot work with other brokers for the properties being sought, solidifying the broker's role as the primary representative for the buyer.

The other types of agency relationships listed, such as dual agency, seller’s agency, and general agency, do not reflect an exclusive working agreement focused on a buyer's interests. Dual agency involves a situation where one broker represents both the buyer and the seller, creating potential conflicts of interest. A seller's agency focuses solely on the interests of the seller, while a general agency relationship is a broader category that can involve various types of activities beyond real estate transactions.