Question

The person who does not have representation in a transaction broker relationship is called:

Answer 1

No representation broker

Step-by-step explanation:

A no representation broker represents no one in a broker relationship, the agent only represents himself. Since the broker does not represent the buyer nor the seller, he/she can help them both in order to complete the transaction. There is no loyalty nor any fiduciary responsibility in the transaction.

But no representation brokers have certain duties:

1. Disclose his/her duties to the sellers and buyers.
2. Deal with all parties honestly and fairly.
3. Disclose all known facts that materially affect the value of residential property.
4. Account for all the funds entrusted to the licensee.