Agency
When a West Virginia real estate licensee acts as a transaction broker, the licensee owes:
AFull fiduciary duties to both parties
BLimited facilitation duties but no fiduciary duty to either party✓ Correct
CFiduciary duties only to the buyer
DFiduciary duties only to the seller
Explanation
A transaction broker (also called a facilitator) assists both parties in completing the transaction but does not represent either party as a fiduciary. The licensee owes limited duties such as honesty and fair dealing.
Related West Virginia Agency Questions
- A West Virginia dual agent represents both the buyer and seller in the same transaction. The agent must NOT:
- In West Virginia, a seller's agent owes which duties to a prospective buyer who is NOT their client?
- In West Virginia, a written buyer representation agreement that includes an exclusivity clause means:
- In West Virginia, if a buyer's agent has a personal financial stake in the transaction (such as owning the property being offered for sale), the agent must:
- A West Virginia real estate agent who has a personal financial stake in a property they are listing or selling for a client must:
- In West Virginia, a 'net listing' is controversial primarily because:
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- Which of the following is NOT one of the fiduciary duties owed by a West Virginia listing agent to the seller?
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