Final answer:
The buyer's representation agreement and the listing agreement create a legal framework for the real estate transaction process, defining roles and responsibilities of the involved parties.
Step-by-step explanation:
The buyer's representation agreement and the listing agreement are contracts used in real estate transactions. The buyer's representation agreement details the relationship between the buyer and their real estate agent, outlining obligations and privileges, such as the agent's duty to act in the buyer's best interest. Similarly, the listing agreement establishes the contract between a seller and their listing agent, including terms related to marketing the property and commission arrangements.
Together, these agreements create a legal framework with mutual expectations, roles, and responsibilities. They safeguard all parties involved and ensure that the transaction process is conducted professionally and ethically. These contracts are essential in managing the complex interactions and legal considerations in the real estate transaction process.