An employment contract hiring a broker to represent a buyer is called what?

The correct term for an employment contract that hires a broker to represent a buyer is the buyer representation agreement. This type of agreement establishes a formal relationship between the buyer and the broker, outlining the duties and responsibilities of the broker to act in the best interests of the buyer throughout the property purchasing process.

In this contract, the broker is typically granted exclusive rights to represent the buyer, which can involve market research, property showings, negotiation on behalf of the buyer, and guidance throughout the transaction. This agreement emphasizes the broker's commitment to fiduciary duties such as loyalty, confidentiality, and full disclosure.

As for the other options: an exclusive listing agreement specifically pertains to hiring a broker to sell a property and does not apply to the buyer's representation. An open listing agreement allows multiple brokers to work on selling a property without exclusivity, primarily benefitting sellers rather than buyers. Lastly, a sales agent agreement generally refers to the relationship between a broker and a sales agent, focusing on employment terms rather than the client-broker dynamic.