Agency
In Hawaii, what is the term for a licensee who works with a buyer without entering into a formal buyer representation agreement?
ABuyer's agent
BSubagent
CTransactional licensee✓ Correct
DNon-agent facilitator
Explanation
A transactional licensee in Hawaii assists a party in a transaction without representing them in a fiduciary capacity. This differs from a buyer's agent, who owes full fiduciary duties.
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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.
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.
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.
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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