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A
A broker who only handles commercial deals
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B
A broker who facilitates a transaction without representing either party as an agent/fiduciary — providing services to both buyer and seller without the full fiduciary duties of agency (recognized in some states as an alternative to agency)
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C
A broker who works for free
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D
A broker who only represents banks
Why this is the answer
TRANSACTION BROKER (transaction agent / facilitator): In states that recognize this relationship, a transaction broker FACILITATES a real estate transaction WITHOUT representing either party as a fiduciary agent. CHARACTERISTICS: Provides services to help the transaction close (paperwork, coordination, factual information) but does NOT owe the full FIDUCIARY DUTIES (loyalty, full advocacy) to either party; treats both parties honestly and fairly; maintains limited confidentiality as defined by state law; does not advocate for one party against the other; CONTRAST WITH AGENCY: A buyer's or seller's AGENT owes full fiduciary duties (OLD CAR: Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable care) to their principal; a DUAL AGENT represents both (with consent) but with limited ability to advocate; a TRANSACTION BROKER represents NEITHER as an agent — a non-agency relationship; STATE-SPECIFIC: Not all states recognize transaction brokerage; where recognized, it's an alternative to traditional agency that avoids the conflicts of dual agency; the transaction broker concept (facilitating without fiduciary agency) is important state agency law where applicable — it's a non-agency relationship distinct from buyer/seller/dual agency.
Source: Real Estate State — Agency, Transaction Broker