Final answer:
d) Transaction broker duties do not involve representation, while single agent duties involve representation of one party.
The main difference between transaction broker duties and single agent duties is the level of representation provided. A transaction broker assists both parties in a deal without representing either, while a single agent represents and owes fiduciary duties to only one party.
Step-by-step explanation:
The difference between transaction broker duties and single agent duties in real estate is reflected in the type of representation and commitment to the parties involved in the transaction. Transaction brokers provide limited representation to both parties in a real estate transaction without a fiduciary responsibility to either.
This means they assist both the buyer and the seller without advocating for the interests of either. The main duties of a transaction broker include the use of skill, care, and diligence in the transaction; the duty to account for all funds; and providing limited confidentiality. Transaction broker duties do not involve loyalty, advocacy, or full representation of one party.
On the other hand, a single agent represents one party, either the buyer or the seller, in a real estate transaction. A single agent owes fiduciary duties, which include loyalty, confidentiality, and full disclosure to their client. The agent's role is to provide full representation with the best interest of their client in mind, meaning they will advocate for their client's goals and protect their interests.
In contrast to options a), b), and c), the correct choice is d) Transaction broker duties do not involve representation, while single agent duties involve representation of one party.