What practice was historically incorrect regarding buyer representation?

The choice regarding buyer representation that reflects a historically incorrect practice is that buyers did not need representation in transactions. This viewpoint suggests that buyers were expected to navigate real estate transactions without the support of a knowledgeable agent, which is inconsistent with the evolution of real estate practices.

Historically, the focus in real estate transactions was predominantly on the seller, with the assumption that buyers could manage their own interests without dedicated representation. This led to situations where buyers were often at a disadvantage, lacking the expertise and guidance that could protect their interests throughout the buying process.

With the development of buyer agency and an understanding of the fiduciary responsibilities that agents have toward their clients, the importance of having buyer representation has been reinforced. Recognizing that buyers benefit significantly from having their interests advocated for highlights a fundamental shift in real estate practice, emphasizing the need for balanced representation in transactions.