Agency
In Michigan, a real estate licensee acting as a transaction coordinator (facilitator) owes which duty?
AFull fiduciary duty to both parties
BLoyalty to the seller only
CHonesty and impartial assistance to all parties✓ Correct
DNo duties to either party
Explanation
A transaction coordinator or facilitator in Michigan does not represent either party but owes a duty of honesty and impartial assistance to help both the buyer and seller complete the transaction.
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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.
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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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