Under Kansas BRRETA, which of the following statements correctly distinguishes a seller's agent from a transaction broker in a Kansas real estate transaction?
Correct Answer
D) A seller's agent owes fiduciary duties exclusively to the seller, while a transaction broker owes statutory non-fiduciary duties to both parties
Under BRRETA (K.S.A. 58-30,101 et seq.), a seller's agent is a fiduciary who owes duties of loyalty, confidentiality, obedience, disclosure, and reasonable care exclusively to the seller-principal. A transaction broker, by contrast, is not a fiduciary agent for either party and owes only the specific statutory duties defined in BRRETA (honesty, reasonable skill and care, and proper accounting) to both the buyer and the seller.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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