An exclusive buyer representation agreement is an agreement in which a licensee is engaged to represent a buyer in the purchase of a property to the exclusion of all other licensees. When entering into any such agreement a licensee must advise and confirm in writing to such buyer the following:

1. (1) That the buyer should make all arrangements to view or inspect a property through the licensee and should not directly contact other licensees;
2. (2) That the buyer should immediately inform any other licensee the buyer may come into contact with (for example, at an open house) that he or she is represented by the licensee; and
3. (3) Whether the buyer will owe a commission in the event the buyer purchases a property without the assistance of the licensee through another licensee or directly from an owner.

Authority: T.C.A. §§ 62-13-203, 62-13-401, 62-13-402, 62-13-404, and 62-13-405. Administrative History: New rule filed July 31, 2006; effective October 14, 2006.