How many duties does a transaction broker have as per Chapter 475?

In accordance with Chapter 475, a transaction broker has a total of seven duties they are required to uphold in the course of their responsibilities. These duties are designed to ensure that the transaction broker acts with diligence and professionalism while maintaining a neutral role between the parties involved in a real estate transaction, without representing one party over the other.

The duties outlined typically include:

1. Providing limited confidentiality.

2. Accounting for all funds.

3. Performing additional duties as agreed upon in the transaction.

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

5. Using skill, care, and diligence.

6. Presenting all offers and counter-offers in a timely manner.

7. Providing services in a manner that complies with applicable laws and regulations.

Understanding that a transaction broker is intended to facilitate the deal without being an advocate for either party helps clarify their role, which is distinct from that of a single agent or a designated agent. This also emphasizes the importance of neutrality and fair representation in real estate transactions, making it essential for transaction brokers to be well-versed in these duties.