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The video discusses the Exclusive Buyer Agency Agreement, emphasizing its prevalence in real estate. Most agents begin their careers focusing on buyers, leading to the common use of this contract. The agreement is between the buyer and the firm, not directly with the agent. When a buyer seeks assistance, they hire the firm, and the agent acts as a representative. The firm ultimately owns the client relationship, meaning if an agent leaves the firm before officially contracting with a buyer, the relationship remains with the firm, not the individual agent. This structure highlights the importance of the firm in buyer-agent interactions.