All correctly describe listing brokers and property managers except:

A is incorrect because both listing brokers and property managers owe fiduciary duties to their principals. This includes duties of loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care. These fundamental duties apply regardless of whether the broker is handling sales transactions or property management.

B is incorrect because both listing brokers and property managers have the responsibility to supervise their associate licensees. California Business and Professions Code requires brokers to exercise reasonable supervision over all licensees associated with their brokerage, regardless of the broker's primary role.

D is correct in stating that listing brokers typically act as special agents with authority limited to specific transactions, while property managers often function as general agents with ongoing authority to act on behalf of the principal. This accurately describes the typical agency relationships in these roles.