Agency
A West Virginia licensee acting as a 'transaction broker' owes which duties to the parties?
AFull fiduciary duties to both parties
BLimited duties including honesty, reasonable care, and proper accounting, but not undivided loyalty✓ Correct
CNo duties to either party
DFiduciary duties only to the seller
Explanation
A transaction broker (non-agent) in West Virginia owes limited duties to both parties: honest dealing, reasonable care and diligence, proper accounting of funds, and disclosure of material facts. They do not owe the full fiduciary duty of undivided loyalty.
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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.
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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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