Agency
In Arizona, a transaction broker (non-agent) owes the parties:
AFull fiduciary duties
BLimited duties of honesty, reasonable care, and disclosure of known material defects✓ Correct
CNo duties at all
DThe same duties as a buyer's agent
Explanation
A transaction broker in Arizona is not an agent and does not owe fiduciary duties, but owes limited duties including honesty, reasonable care, and disclosure of known material defects.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Fiduciary DutyThe 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.
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