Agency
A transaction broker in Arkansas:
AOwes full fiduciary duties to both parties
BFacilitates the transaction without representing either party as a fiduciary✓ Correct
CRepresents only the seller
DIs illegal under Arkansas law
Explanation
A transaction broker (also called a non-agent or facilitator) assists both parties in completing a transaction but does not represent either party in a fiduciary capacity. They owe limited duties such as honesty and accounting.
Related Arkansas Agency Questions
- An agent's duty of obedience requires the agent to follow all lawful instructions of the principal. Which instruction would an agent be JUSTIFIED in refusing?
- The agency relationship between a listing broker and seller is typically created by:
- Which of the following would constitute an undisclosed dual agency in Arkansas?
- An agent's fiduciary duty of LOYALTY means the agent must:
- A listing agent owes fiduciary duties to the:
- A transaction broker (non-agent facilitator) in Arkansas owes clients which level of duty?
- A seller's agent who also acts as a mortgage loan originator for the same buyer in the same transaction would most likely violate:
- The fiduciary duty of 'loyalty' requires a listing agent to:
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