What is the difference between a 'buyer's agent' and a 'transaction broker'?

BUYER'S AGENT (Buyer Representation): The agent is the buyer's fiduciary — fully loyal to the buyer; discloses everything relevant; maintains confidentiality of buyer's motivations and limits; negotiates in buyer's interest. TRANSACTION BROKER (Non-Agent / Facilitator): In states that permit this (Florida, Colorado, Minnesota, and others), a transaction broker assists both parties with the transaction without representing either — they are a 'middle man' who facilitates without advocating. They still: must be honest and accurate; facilitate paperwork; are prohibited from using confidential information of either party against the other. The distinction matters for: what the practitioner can and cannot do; what disclosures are required at the outset of the relationship; what duties the client can rely on. Disclosure of which relationship exists is required in most states at first contact.