You need to know – What is a transaction broker relationship?

YouNeedToKnowWeb500A transaction broker relationship is the presumed relationship that a licensee is working with a customer under, in the absence of a written agreement to work as a single agent or under a no brokerage relationship

In working as a transaction broker for the customer the broker has a duty to:

  • Deal honestly and fairly
  • Disclose all known facts that affect the value of the property
  • Account for all funds
  • Use skill, care and diligence
  • Present all offers and counteroffers
  • Exercise Limited Confidentiality

There may be additional duties that are mutually agreed to