Final answer:
A REALTOR® can deal with another's client if the terms of the exclusive agreement allow it, or with consent from the REALTOR® who holds the exclusive agreement. Common practice adheres to professional ethics and local laws to ensure fair competition and professional conduct.
Step-by-step explanation:
A REALTOR® may deal with the client of another REALTOR® who has an exclusive agreement with the client only under specific circumstances that respect the agency relationship between the client and their REALTOR®. In the context of exclusive agreements, including those in other industries like manufacturing and distribution, such agreements are intended to encourage healthy competition among dealers or agents. However, these agreements can become problematic if they significantly limit competition, creating anticompetitive effects. For instance, it's acceptable for car manufacturers to provide exclusivity to certain dealerships, while it might be viewed as anticompetitive for a single retailer to control the distribution of a wide range of electronic items from multiple companies.
In real estate, a REALTOR® should not directly solicit a client under an exclusive contract with another REALTOR®, unless such direct contact is permitted under the terms of the exclusive agreement or with the consent of the REALTOR® who has the exclusive agreement. Professional ethical guidelines and local laws may also dictate how and when a REALTOR® can communicate with another agent's client, often emphasizing the importance of maintaining professional conduct within the industry.