Final answer:
The buyer representation agreement must include all the mentioned elements: the broker's duties, the client's duties, and the term of the contract. These ensure clarity and set expectations for the professional relationship between the homebuyer and the real estate broker.
Step-by-step explanation:
The question pertains to the essential components that must be included in a buyer representation agreement. A buyer representation agreement is a contract between a potential homebuyer and a real estate broker or agent. This agreement outlines the duties and responsibilities of both parties during the property buying process. The correct answer is 'AAll of the above', which means that all the mentioned elements need to be included in the buyer representation agreement for it to be effective and binding.
The main aspects that are typically required in a buyer representation agreement include:
- The broker's duties - Clarifies what services the broker will provide.
- The client's duties - Outlines expectations for the buyer, such as exclusivity in working with the broker.
- The term of the contract - Specifies the duration for which the agreement is valid.
These components ensure a clear understanding between the client and the broker, set clear expectations, and provide a framework for the professional relationship and the services to be provided.