Agency
A transaction broker (non-agent facilitator) in Arkansas owes clients which level of duty?
AFull fiduciary duties identical to a seller's agent
BLimited duties including honest dealing, disclosure of material facts, and confidentiality of negotiating position✓ Correct
CNo duties — they are purely ministerial
DDuties only to the party paying the commission
Explanation
A transaction broker provides limited representation. They owe duties of honest dealing, disclosure of material facts known to them, and maintaining the confidentiality of each party's negotiating position, but not full fiduciary duties.
Related Arkansas Agency Questions
- In an Arkansas real estate transaction, the agent who represents the seller is typically called the:
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