Question

A member of the public may select from one of three options when working with a broker, which are _________ _________ , _________ _________ and _________ _________ _________.

1. Transaction broker
2. single agency 3
. no representation

Answer 1

A member of the public working with a broker can choose from Transaction Broker, Single Agency, or No Representation, which define the level of service and obligations in a brokerage relationship.

Step-by-step explanation:

When working with a broker, a member of the public has three representation options to choose from: Transaction Broker, Single Agency, and No Representation.

A Transaction Broker provides limited representation to both parties in the transaction without a fiduciary duty to either. The Single Agency option means the broker represents only one party, either the buyer or the seller, with a fiduciary responsibility to that client. Lastly, No Representation indicates that the broker assists the transaction without acting as an agent or advocate for either party. Understanding these options is essential as they dictate the level of service, confidentiality, and obligation the broker is required to provide.