What relationship is specifically defined when a real estate agent represents a buyer's interests in a transaction?

The relationship that is specifically defined when a real estate agent represents a buyer's interests in a transaction is known as buyer agency. In this arrangement, the agent has a fiduciary duty to act in the best interests of the buyer, ensuring that their needs and preferences are prioritized throughout the purchasing process.

Buyer agency establishes a clear understanding that the agent is committed to assisting the buyer, providing them with valuable insight into the market, negotiating favorable terms, and guiding them through the complexities of a real estate transaction. This relationship fosters trust and loyalty, as the agent is obliged to maintain confidentiality and advocate for the buyer's interests.

In contrast, seller agency refers to the representation of the seller's interests, while dual agency involves the agent representing both the buyer and the seller in the same transaction, which can lead to potential conflicts of interest. Exclusive agency is a type of listing agreement, rather than a specific relationship type, where the seller retains the right to sell the property themselves while still working with an agent.