The Real Estate BUYER'S AGENT Council, REBAC®, was founded in 1988 to promote superior buyer representation skills and services. An affiliate of the National Association of REALTORS® since 1996, REBAC's membership now numbers well over 40,000 and is the worlds largest organization of real estate professionals concentrating on buyer representation. Members who meet all course and professional experiential requirements are awarded the ABR® (Accredited Buyers Representative) - the only designation of its type recognized by NAR.
The ABR® designation is geared towards professional REALTORS® who wish to enhance their buyer representation skills and provides proof to prospective buyer-clients of their proficiency at servicing the special needs of buyers.
The Buyer Representation Agreement and Compensation
It is important for the buyer to discuss the buyer's representative's compensation in the initial interview. In all cases, it is imperative that the buyer and the buyer's representative agree to the terms of compensation prior to viewing properties and sign a written agreement based on those terms. The agreement will spell out the responsibilities of both parties throughout the real estate process.
Sam Elam DOES NOT CHARGE a buyer to represent them in a real estate transaction. Sam elects to be compensated for representing you in a real estate purchase 1) through the MLS commission sharing agreements between ARMLS broker members, 2) Builder compensation offered, 3) For Sale By Owner prior written commission agreement with me or 4) Trustee Sale Purchases by Auction with prior written commission agreement. We will have a buyer representation agreement we both sign that defines our separate and mutual duties and obligations under the buyer representation agreement. You will know what to expect of me and what I expect of you.
In some states, legislation has been enacted to protect the buyer to the point that, absent a written agreement, the buyer's representative represents the buyer throughout the real estate transaction.
Arizona law, at a minimum, requires a real estate agent present to the buyer for you to sign an Agency Relationship disclosure that defines who is representing you - if anyone is - and what duties and responsibilities the agent you are conversing with owes you.
Arizona law requires this agency disclosure be given to you as soon as you and the real estate agent have entered into a "meaningful" conversation about your plans to purchase a home and your desire for the agent to offer assistance in buying a home.
Why Use a CRS®? Why use a REALTOR®? Why use an e-PRO REALTOR®?