Reese Richardson helps prepare offers and coordinates the deal but does not owe full fiduciary loyalty to either side. Instead, Reese Richardson provides limited, neutral assistance. What role best describes Reese Richardson?
Correct Answer
D) Transaction broker
A transaction broker (sometimes called a non-agent or facilitator) provides limited, neutral assistance to one or both parties without entering a fiduciary agency relationship with either side.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
More General Principles Of Agency Questions
A listing agreement creates an agency relationship between:
A property management agreement between an owner and a property manager typically specifies which of the following?
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A buyer's agent compensation can be structured as:
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- → A property manager discovers that a rental unit has a significant mold problem. The manager repairs the visible mold but does not inform the property owner about the extent of the damage or the potential liability. Has the property manager violated any agency duty?
- → The minimum requirement for real estate professional advertising is:
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- → The document defining the broker-seller relationship is:
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Previous Question
A brokerage represents both sides of a transaction, but the broker appoints one licensee to represent the buyer and another to represent the seller. What arrangement is this?
Next Question
Quinn Brooks explains forms and passes information between the parties but never advocates for either side or forms an agency relationship. What role best describes Quinn Brooks?