Agency
A Kansas transaction broker who learns information about one party that would benefit the other party is generally:
ARequired to disclose it to the other party as part of their facilitation role
BNot required to disclose confidential information as a transaction broker but must not actively deceive either party✓ Correct
CRequired to withdraw from the transaction upon learning such information
DRequired to report it to KREC
Explanation
A transaction broker owes duties of honesty and non-deception to both parties but does not owe the full fiduciary duty of disclosure of confidential information that a single-party agent would owe.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Buyer's AgentA 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.
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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