Carlos is a Kansas licensee acting as a transaction broker assisting both the buyer and seller in a residential transaction in Overland Park. Under Kansas BRRETA, which of the following duties does Carlos OWE to both parties in this transaction?
Correct Answer
B) Honesty and good faith, reasonable skill and care, and proper accounting of funds
Under BRRETA (K.S.A. 58-30,101 et seq.), a transaction broker owes both parties the duties of honesty and good faith, reasonable skill and care, and proper accounting of all funds received. These are the core statutory duties of a transaction broker. The transaction broker does not owe the full fiduciary duties of an agent, such as undivided loyalty or obedience.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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.
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