Agency
In Virginia, a 'transaction broker' (non-agent) differs from an agent because the transaction broker:
AOwes fiduciary duties to both parties
BFacilitates the transaction without representing either party as an agent✓ Correct
CIs unlicensed and therefore exempt from VREB oversight
DMay only represent commercial property buyers
Explanation
A transaction broker facilitates the transaction without representing either party as an agent, owing no fiduciary duties. They must still treat all parties honestly and disclose material facts.
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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.
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.
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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