Final answer:
In a single agency relationship within real estate, the buyer who has entered into this exclusive arrangement with the licensee is considered a client. This endows them with certain protections and services because the licensee owes a fiduciary duty to the client. Conversely, a customer would not have such an agency relationship with the licensee.
Step-by-step explanation:
If a licensee enters into a single agency relationship with a buyer, the buyer is a client. In real estate, a single agency relationship means that the agent is working exclusively for either the buyer or the seller, not both. As such, the buyer in this relationship is considered the agent's client, meaning the agent provides a fiduciary duty of loyalty, confidentiality, and diligence, putting the client's interests above others, including their own. In contrast, a customer would be someone who has not entered into an agency relationship with the licensee and is therefore not afforded the same level of service or protection.