Agency
In Louisiana, a transaction broker (facilitator) owes which duties?
AFull fiduciary duties to both parties
BLimited duties: honesty, fairness, and disclosure of material facts✓ Correct
CNo duties to either party
DFiduciary duties only to the buyer
Explanation
A Louisiana transaction broker (facilitator) owes limited duties including honesty, fairness, and disclosure of material facts to both parties, but does not owe full fiduciary duties.
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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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