Final answer:
An oral Buyer Agency Agreement in North Carolina is a verbal agreement between a buyer and a real estate agent, however, such agreements must be in writing to be enforceable under NC Real Estate Commission Rules.
Step-by-step explanation:
Under NC Real Estate Commission Rules, an oral Buyer Agency Agreement represents a verbal commitment where a real estate agent undertakes to represent the buyer's interests. Despite the potential legal validity of oral agreements, the North Carolina Real Estate Commission mandates that agency agreements be in writing for enforceability. This requirement aims to establish clarity and document the terms of the agreement, safeguarding both the agent and the client. Without a written agreement, challenges may arise in enforcing terms or addressing issues, potentially leading to contentious disputes that are challenging to resolve.
A written agreement ensures transparency, sets clear expectations, and provides a legal foundation for the agency relationship, enhancing the professionalism and accountability of real estate transactions in North Carolina.