Agency
In Michigan, an agent representing neither party (transaction coordinator or facilitator) owes both parties:
AFull fiduciary duties to both
BHonesty, fairness, and disclosure of material facts but no fiduciary duties✓ Correct
CLoyalty to whichever party pays more
DNo duties whatsoever
Explanation
A transaction facilitator (non-agent) in Michigan owes both parties honesty, fairness, and disclosure of material facts, but does not owe the higher fiduciary duties (loyalty, confidentiality, etc.) that apply in a full agency relationship.
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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.
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.
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.
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