Virginia State Real Estate Exam Practice Question
An exclusive buyer agency agreement signed in January obligates the buyers for six months. They close with another agent in February. Must they pay the original agent?
Correct Answer: B
Rationale: An exclusive buyer agency agreement creates a binding commitment between the buyer and the agent for the specified duration. Since the buyers entered into this agreement in January and closed with another agent in February, they are still obligated to compensate the original agent, as stipulated in the contract.
Option A is incorrect; the agent's role is not solely dependent on finding the property, but rather on the agreement's terms. Option C is misleading; while the agent's time and effort are important, the contractual obligation is the primary reason for payment, regardless of whether the agent successfully closed a deal.
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