Agency
The most significant difference between a buyer's agent and a transaction broker in a state that allows transaction brokerage is:
AThe transaction broker charges higher fees
BA buyer's agent owes full fiduciary duties; a transaction broker facilitates the transaction without full fiduciary duty to either party✓ Correct
CA buyer's agent can show more properties
DA transaction broker always represents the seller
Explanation
A buyer's agent owes loyalty, confidentiality, and full fiduciary duties to the buyer. A transaction broker facilitates the deal and owes limited duties — honesty, disclosure of material facts — but not full fiduciary loyalty. Maryland does not have statutory 'transaction brokerage' but the concept is testable.
Related Maryland Agency Questions
- A Maryland listing agent learns the seller is willing to accept $20,000 less than the listed price. This information is:
- A Maryland listing agent has an undisclosed personal financial interest in purchasing the seller's property. This is:
- Maryland's 'intra-company agent' designation allows:
- A Maryland listing agent's duty of care to the seller includes:
- In Maryland, which disclosure form must a licensee provide to a buyer or seller at the first meeting involving a specific property?
- Which of the following best describes designated agency in Maryland?
- What is the primary purpose of the Maryland agency disclosure form ('Understanding Whom Real Estate Agents Represent')?
- Which duty does a Maryland licensee NOT owe to a customer (non-client)?
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