Which term refers to the buyer when there is no agency agreement signed with the real estate firm?

In real estate terminology, when there is no agency agreement signed with the real estate firm, the buyer is referred to as a "customer." This term signifies that although the buyer may receive certain services from the real estate firm, there is no formal fiduciary relationship in place that would create an agency relationship. As a customer, the buyer has limited protections and obligations compared to a client, who is someone engaged in a formal agency relationship.

The distinction is essential because it affects the duties and services that the real estate firm is required to provide. For instance, while a real estate firm has a fiduciary duty to its client, it does not owe the same level of loyalty or confidentiality to a customer. Understanding this difference is crucial for both buyers and agents in navigating the real estate transaction process.

The other terms, such as principal, agent, and client, refer to parties involved in a recognized agency relationship or the roles they fulfill within that framework, which does not apply when no agency agreement is present.