Agency
Under Kansas agency law, a licensee acting as a transaction broker owes which of the following duties to both parties?
ALoyalty and confidentiality only to the buyer
BHonesty, accounting, and reasonable skill and care✓ Correct
CExclusive representation and fiduciary loyalty
DObedience to all client instructions regardless of legality
Explanation
A transaction broker in Kansas owes both parties honesty, accounting for funds, and reasonable skill and care — but does not owe full fiduciary duties to either side.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
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