New Jersey Real Estate License Exam Practice Question
A couple wishing to purchase their first residence signs an exclusive buyer agency agreement with a real estate licensee in January. The agreement specifies that the buyers will work exclusively with the licensee, who will receive a commission if the couple purchases any property within six months of signing the agreement. The buyer agent devotes a whole week to showing the couple properties. Later, the couple attends an open house and buys directly through the listing agent. What is the couple's obligation to the exclusive buyer agent?
Correct Answer: B
Rationale: The couple is obligated to pay the exclusive buyer agent because they signed a legally binding agreement that specifies the agent will receive a commission for any property purchased within six months, regardless of how the property was found.
Option A is incorrect; the obligation arises from the contract, not the source of the property. Option C misinterprets the terms of the agreement; they are not required to split fees between agents. Option D is also wrong, as the couple engaged the agent's services by viewing properties, which establishes the agent's entitlement to a commission per the agreement.
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