Final answer:
A licensee assigned as a single agent of a buyer or seller in a nonresidential transaction is titled a transaction broker.
Step-by-step explanation:
A licensee assigned by a broker to act as a single agent of a buyer or seller in a nonresidential transaction is titled a transaction broker.
A transaction broker is a licensed real estate professional who facilitates a real estate transaction between a buyer and a seller, but does not represent either party as a fiduciary. Instead, they assist in coordinating the transaction and ensuring all necessary paperwork and legal requirements are met. The transaction broker works to facilitate a smooth transaction while remaining neutral and impartial.
For example, in a nonresidential real estate transaction, such as the sale of a commercial property, a transaction broker may be assigned by a broker to assist both the buyer and the seller in completing the transaction. They would help negotiate the terms of the sale, coordinate inspections and appraisals, and ensure all necessary documents are properly executed.