Final answer:
If a principal refuses to sign the Consent to Transition to Transaction Broker form, the broker must continue as a single agent, committed to the interest of one party with fiduciary duties of loyalty and confidentiality.
Step-by-step explanation:
When a principal refuses to sign or initial the Consent to Transition to Transaction Broker notice form, the broker is required to act as a single agent. In this context, a single agent refers to a real estate relationship where the broker represents only one party in the transaction, either the buyer or the seller, and owes a fiduciary duty to that party, including loyalty and confidentiality. Without the consent to transition, the broker cannot act as a transaction broker, who would provide limited representation to both parties without a fiduciary responsibility.