Agency
An agent who has no agency relationship with either party but assists in completing a transaction is acting as a:
ADual agent
BDesignated agent
CTransaction coordinator or facilitator✓ Correct
DSub-agent
Explanation
A transaction coordinator or facilitator assists both parties without representing either as a fiduciary, and does not owe loyalty or confidentiality to either side.
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- In Michigan, an agent representing neither party (transaction coordinator or facilitator) owes both parties:Agency
- In Michigan, a transaction coordinator who assists both parties without representing either is functioning as a:Agency
- In Michigan, a real estate licensee acting as a transaction coordinator (facilitator) owes which duty?Agency
- In Michigan, a broker who operates as a facilitator (transaction coordinator) for both parties must:Agency
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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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