Question

Berry, the seller, wants Paul, the broker, to change from a single agency relationship to a transaction broker. Paul agrees to do this as long as the transition disclosure is made in writing so that all parties understand what is happening. Paul needs to transition to a transaction broker?

Answer 1

Transitioning from a single agency relationship to a transaction broker involves a change in the role and responsibilities of the broker. Paul, the broker, will act as a neutral facilitator rather than exclusively representing the seller. This transition can be made with a written disclosure to ensure all parties understand the new relationship.

Step-by-step explanation:

Transitioning from a single agency relationship to a transaction broker involves a change in the role and responsibilities of the broker. In a single agency relationship, the broker represents only one party, usually the seller.

On the other hand, a transaction broker is a neutral intermediary who assists both the buyer and the seller in a real estate transaction without representing either party exclusively.

By transitioning to a transaction broker, Paul will no longer have a fiduciary duty to Berry as the seller.

Instead, Paul will act as a facilitator, helping both Berry and potential buyers navigate the sale process.

This change can be made as long as a written disclosure is provided to all parties involved so that they understand the new relationship and the implications.

Overall, transitioning to a transaction broker can provide more flexibility and potentially attract a larger pool of buyers for Berry's property.