In order to eliminate confusion and provide for a better understanding on the part of customers in real estate transactions, the Legislature finds that the intent of the Brokerage Relationship Disclosure Act is to provide that: (1) Disclosed dual agency as an authorized form of representation by a real estate licensee in this state is expressly revoked; (2) Disclosure requirements for real estate licensees relating to authorized forms of brokerage representation are established; (3) Single agents may represent either a buyer or a seller, but not both, in a real estate transaction; and (4) Transaction brokers provide a limited form of nonfiduciary representation to a buyer, a seller, or both in a real estate transaction.
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