Transaction Broker Duties

The duties of a transaction broker include the following:

1. Dealing honestly and fairly

2. Accounting for all funds

3. Using skill, care, and diligence in the transaction

4. Disclosing all known facts that materially affect the value of residential real property

    and are not readily observable to the buyer

5. Presenting all offers and counteroffers in a timely manner, unless a party has previously

    directed the licensees otherwise in writing

6. Limited confidentiality, unless waived in writing by a party. The transaction broker may not

    reveal to either party the following information:

  • That the seller might accept a price less than the asking or list price

  • That the buyer might pay a price greater than the price submitted in a written offer

  • The motivation of any party for selling or buying property

  • That a seller or buyer will agree to financing terms other than those offered

7. Any other information requested by a party to remain confidential

8. Any additional duties that are entered into by this or by a separate agreement