A Kansas real estate brokerage firm in Wichita has a policy of operating exclusively as transaction brokers and never entering into agency agreements with buyers or sellers. A prospective seller asks the firm to list her home. Under Kansas BRRETA, which of the following is true regarding this arrangement?
Correct Answer
B) The firm may enter into a transaction broker agreement with the seller to list and market the property without establishing a seller's agency relationship
Under BRRETA (K.S.A. 58-30,101 et seq.), Kansas firms are not required to enter into agency relationships. A brokerage may choose to operate exclusively as transaction brokers for all clients, including sellers. The firm may enter into a written transaction broker agreement with the seller to list and market the property, providing the statutory transaction broker duties without creating a fiduciary seller's agency relationship. This must be disclosed to the seller.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
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