a transaction broker does not have which duty

The broker who does not deliver copies of these documents to all parties involved in the transaction is failing to perform its duties as a broker. The broker who does not prepare these documents and retain copies in its files is failing to prepare and maintain complete and correct records as required by the Act. The broker shall retain a copy of such confirmations or memoranda as part of its accounts and records. Unless otherwise agreed and confirmed, the broker will be entitled to payment of brokerage fees from the party by whom it was engaged to act as broker. Brokers do not normally act as general agents of either party, and will not be presumed to have so acted. If the confirmation or memorandum of sale does not contain such information, the broker shall be presumed to have been engaged by the buyer. The confirmation or memorandum of sale shall also identify the party who engaged the broker to act in the negotiations. After all parties agree on the terms and the contract is effected, the broker shall prepare in writing and deliver promptly to all parties a properly executed confirmation or memorandum of sale setting forth truly and correctly all of the essential details of the agreement between the parties, including any express agreement as to the time when payment is due. It shall be the duty of the broker to fully inform the parties concerning all proposed terms and conditions of the proposed contract. A broker who fails to perform any specification or duty, express or implied, in connection with any transaction is in violation of the Act, is subject to the penalties specified in the Act, and may be held liable for damages which accrue as a result of the violation.

The function of a broker is to facilitate good faith negotiations between parties which lead to valid and binding contr acts.

A transaction broker does not have which duty