Final answer:
The third step in developing a broker's company policies manual is to review the various agency relationships to ensure policies reflect legal and ethical duties.
Step-by-step explanation:
The third step in developing a broker's company policies and procedures manual is typically to review the various agency relationships that are applicable within the realm of real estate transactions. This review is crucial because it ensures that the company policies accurately reflect the legal and ethical duties associated with different agency relationships, such as those between brokers and clients. It's important for brokers to understand how to manage and clearly communicate the obligations and expectations inherent in these relationships to effectively incorporate them into their company policies and procedures.