Agency
In New Mexico, if a buyer works with a licensee who shows them properties but has no written buyer's broker agreement, the licensee is likely functioning as:
AThe buyer's agent with all fiduciary duties
BA transaction broker or possibly an unrepresented facilitator with limited duties✓ Correct
CThe seller's subagent
DA dual agent
Explanation
Without a signed buyer's agency agreement, the licensee cannot be the buyer's agent. In New Mexico, the licensee may function as a transaction broker, facilitating the transaction with limited duties — not full fiduciary duties — to the buyer.
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