Under Kansas BRRETA, a transaction broker owes certain statutory duties to both the buyer and the seller. Which of the following is NOT a duty owed by a Kansas transaction broker to the parties in a transaction?
Correct Answer
A) Placing the interests of one party above the interests of the other party
Placing the interests of one party above the other is a fiduciary duty of loyalty owed by an agent to their principal, not a duty of a transaction broker. Under BRRETA, a transaction broker is specifically NOT a fiduciary and does not prioritize one party's interests over the other. The transaction broker's role is to assist both parties impartially within the bounds of the statutory duties.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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