Agency
In Tennessee, which of the following best describes a 'transaction broker'?
AA broker who represents only the buyer
BA broker who represents only the seller
CA facilitator who assists both parties without representing either as a fiduciary agent✓ Correct
DA broker who operates without a license
Explanation
A transaction broker (or facilitator) assists both parties in completing the transaction but does not create an agency relationship with either party and owes no fiduciary duties.
Related Tennessee Agency Questions
- In Tennessee, a seller's broker who shows a buyer properties listed by other firms (as a cooperating broker) represents:
- In Tennessee, when representing a buyer, an affiliate broker is required to:
- A licensee who represents a buyer while receiving compensation from the seller without disclosure is:
- In Tennessee, if a listing broker learns during showings that the seller has structural defects they did not disclose, the broker should:
- An agent's duty of 'accounting' requires the agent to:
- A Tennessee broker who represents both the buyer and seller in the same transaction without disclosure and written consent is guilty of:
- In Tennessee, the agency disclosure form must be provided to a prospective buyer or seller:
- In Tennessee, the listing broker's duty of loyalty to the seller means the broker must:
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