The "transaction broker," I feel, is an agency relationship that is a disservice to the customer. You don't even have to disclose it. The licensee can provide limited representation to a buyer, a seller, or both in a real estate transaction. He/she does not represent either in a fiduciary capacity. These laws of agency have evolved to suit more the licensees than the customer over the last 30 yrs. that I've had my broker's license. I think it's due to the lobbying efforts of NAR.
The transaction broker's duties do include:
Dealing honestly and fairly
Accounting for all funds
Using skill, care, and diligence in the transaction
Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer
Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensees otherwise in writing
Limited confidentiality, unless waived in writing by a party
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Penna. until '68, Florida since '73.
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