Under Kansas BRRETA, a transaction broker is best described as a licensee who:
Correct Answer
A) Assists both parties in a transaction without acting as a fiduciary agent for either party
Under BRRETA (K.S.A. 58-30,101 et seq.), a transaction broker assists both the buyer and the seller in completing a real estate transaction without being a fiduciary agent for either party. The transaction broker still owes specific statutory duties to both parties, including honesty, reasonable care, and proper accounting, but does not owe the full fiduciary duties of an agent.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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