CA AB2992

Requires buyer's agents and buyers to execute a written buyer-broker representation agreement as soon as practicable, but no later than execution of the buyer's offer to purchase real property.

Limits buyer-broker representation agreements to a maximum of 3 months from the date made, with exceptions for agreements with corporations, limited liability companies, or partnerships; prohibits automatic renewal and requires any renewal to be in writing, dated, and signed by all parties.

Mandates that buyer-broker representation agreements include specified terms regarding broker compensation, services rendered, payment timing, and contract termination, and requires buyer's agents to provide a disclosure form before execution of the agreement.

Requires all compensation agreements for real estate services related to property purchases to include a notice stating that compensation rates are not fixed by law and may be negotiable between the buyer and broker.

Makes buyer-broker representation agreements that violate durational and renewal requirements void and unenforceable; violations by licensed real estate professionals constitute a violation of their licensing law.