Need to buy a house? Then I'm a "buyer's agent". Need to sell your house? Then I'm a "listing agent". Need to sell and owe more than your house is worth? Then I'm a "short sale specialist". Perhaps a bit cynical, but...
In theory, a "buyer's agent" exclusively represents the buyer's interests in any real estate transaction. Some real estate agents make the claim that they are "exclusive buyer's agents". My understanding of this term is that it means the REA does not take any listings, and only works for buyers. In practice, I have not seen this happen very much.
As for "how is a buyer's agent paid"...
In practice, most "buyer's agents" are still compensated from the commission agreement spelled out in the seller's listing agreement. However, in concept, a consumer contracts for services with a "true buyer's agent", and the agent's compensation should be spelled out in that contract (i.e., the one between the buyer and the agent). As a practical aspect, the compensation from the listing agreement should also be addressed in the agreement. It could be explicitly identified as the sole compensation, or it could be identified as being applied against any monies due. In the second scenario, the compensation from the listing agreement could exceed the monies due (in which case there would be a commission rebate to the buyer), or it could be less than the monies due (in which case the buyer would need to pay additional money-out-of-pocket to the agent).
In practice, it sounds like most (both consumers and agents) are more comfortable with the old mechansim (i.e., compensation paid out of the listing agreement) - so it really is more-of-the-same, with an additional piece of paper (the "buyer agency agreement") tossed in (which often does little more than tie the buyer to the agent).
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