Before you read
Test yourself first: 5 questions
Question 1 of 5
Brokers must retain transaction records for:
Answer: A. States require record retention (often 3-5+ years) for contracts, trust-account records, and disclosures, subject to audit.
Question 2 of 5
For how long are brokers generally expected to retain transaction and trust account records?
Answer: B. Brokers must keep transaction and trust account records for a set retention period so regulators can audit or investigate; the exact number of years is set by jurisdiction but retention itself is a standard requirement.
Question 3 of 5
When a broker appoints one agent to represent the buyer and another to represent the seller in the same transaction, it is:
Answer: A. Designated (appointed) agency lets a broker assign different associated agents to each party, reducing the conflicts of full dual agency.
Question 4 of 5
A property owner signs a listing agreement authorizing a broker to market and sell one specific parcel of real estate. This creates what type of agency?
Answer: C. A special agent is authorized to perform a single specific act or transaction, such as selling one particular property under a listing agreement.
Question 5 of 5
Single agency means that the brokerage:
Answer: A. Single agency means the brokerage represents only one party (buyer OR seller) in a given transaction, owing full fiduciary duties to that single client.
Keep the streak going with more questions like these, each with a full rationale.
What you need to know
They owe honesty, limited confidentiality (still can't reveal price flexibility), disclosure of known material defects, and skill in handling paperwork — but no loyalty and no negotiation advocacy. This status must be disclosed in writing. It exists to solve the in-house sale problem: when one brokerage holds both the listing and the buyer, converting to transaction-broker or designated-agency status avoids illegal undisclosed dual agency.
Non-Agency: Transaction Brokers & Facilitators: FAQs
Is Non-Agency: Transaction Brokers & Facilitators on the real estate exam?
Yes. Agency & Fiduciary Duties is a scored domain on the real estate licensing exam, and this topic appears in the national portion.
Is this cheat sheet free?
Yes — every page on Cinna RE's resource library is free to read, print and share. The app adds practice questions, mock exams and a readiness score.
