In Pennsylvania, a transaction licensee provides services to:
Question & Answer
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Only buyers
Buyer's agents owe fiduciary duties to buyers, including loyalty, obedience, disclosure, confidentiality, and accounting. Transaction licensees don't represent either party and don't owe these fiduciary duties to buyers specifically.
Only sellers
Seller's agents owe fiduciary duties to sellers, including loyalty, obedience, disclosure, confidentiality, and accounting. Transaction licensees don't represent sellers and don't owe these fiduciary duties to them specifically.
Both parties without representing either
The brokerage only
While transaction licensees are affiliated with a brokerage, their services extend to both parties in the transaction, not just benefiting the brokerage itself. They facilitate the entire transaction process, not just internal brokerage operations.
Why is this correct?
Transaction licensees in Pennsylvania are specifically defined as licensees who provide services to both parties without representing either as an agent. They facilitate the transaction while maintaining neutral status, avoiding conflicts of interest that would arise from traditional agency relationships.
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