A licensee has an exclusive buyer agency agreement in place. The buyer signs a contract to purchase through a different licensee at an open house. Because of the buyer's agency agreement, which of the following is true?

The seller and listing broker are not obligated to pay the buyer's agent a commission unless there is a specific agreement in place that dictates such an arrangement. Typically, commission obligations arise from agreements between parties, and the seller's responsibility generally pertains to compensating their own listing agent.

Commission sharing between the listing agent and the buyer's agent is contingent upon an established agreement between the seller and the listing broker that includes a cooperative commission structure. If the buyer's agent represents the buyer under an exclusive agreement, it does not automatically necessitate a shared commission unless explicitly stated in the listing agreement.

This statement is incorrect, as the buyer's agent retains the right to a commission based on the existing exclusive buyer agency agreement. The buyer's choice to work with a different licensee does not negate the obligation established by the agreement; thus, the original agent remains entitled to compensation for their services.