Final answer:
The most significant difference between an owner representation agreement and a buyer representation agreement is the party represented; the former represents the seller, while the latter represents the buyer. Other aspects like duration, scope, and compensation can vary and are negotiable in both types of agreements.
Step-by-step explanation:
The most significant difference between an owner representation agreement and a buyer representation agreement is (a) The party represented. While both agreements involve a form of representation, the owner representation agreement involves an agent working on behalf of the seller or owner of a property, whereas the buyer representation agreement involves an agent working on behalf of the potential purchaser of a property. This fundamental difference means that each agreement outlines distinct roles, responsibilities, and fiduciary duties tailored to representing the interests of either the seller or the buyer.
The duration of the agreement, the scope of the representation, and the compensation structure can vary within both types of agreements and are negotiable rather than definitive differences. However, the key distinction remains which party the agent is representing, as it guides the entire relationship and direction of the services provided.