A licensee working as a transaction facilitator in Alabama owes the parties:
Why A duty of honest dealing, reasonable care, and accounting, but not the full fiduciary duties of a single agent Is Correct
Answer B: A duty of honest dealing, reasonable care, and accounting, but not the full fiduciary duties of a single agent
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
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Related Alabama Questions
- Under Alabama law, a transaction broker owes which duties to both parties?Agency
- In Alabama, a 'facilitator' (also known as a transaction broker) owes which of the following duties?Agency
- Under Alabama law, what type of agent owes the highest fiduciary duties to only one principal?Agency
- A transaction broker (facilitator) in Alabama has duties to the parties that:Agency
Key Terms to Know
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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