Agency
A Montana licensee acting as a transaction broker (non-agent) owes the parties:
AFull fiduciary duties including loyalty
BLimited duties of honesty, fair dealing, and disclosure of material facts✓ Correct
CNo duties whatsoever to either party
DOnly duties to the party who is paying the commission
Explanation
A transaction broker in Montana provides limited representation, owing parties honesty, fair dealing, disclosure of material facts, accounting for funds, and reasonable skill—but not the full fiduciary duties of an agent.
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Key Terms to Know
Buyer's Agent
A 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.
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.
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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