Under the Delaware Agency Relationships in Real Estate Transactions Act, which of the following best describes a 'transaction broker' in Delaware?
Correct Answer
B) A licensee who assists one or both parties in a transaction without representing either party as an agent
Under 24 Del. C. § 2973, a transaction broker is a licensee who provides real estate services to one or both parties in a transaction but does not represent either party as an agent. The transaction broker owes duties of honesty, fairness, and disclosure of material facts, but does not owe full fiduciary duties to either party.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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