agency
Transaction Licensee (Pennsylvania)
A Pennsylvania transaction licensee (RELRA 606.6) helps a consumer complete a transaction without any agency relationship. The licensee must tell the consumer that he or she is not acting as an agent or advocate and owes no loyalty or full confidentiality. Even so, the licensee may not disclose that the seller will accept less than the asking price, that the buyer will pay more than offered, or that either party will accept other financing terms. Known material defects must always be disclosed, along with the duties every licensee owes.
- Exam tip
- 'Less, More, Terms': the three secrets a transaction licensee must keep. Defects always get disclosed, and the general duties owed to all consumers cannot be waived.
- Example
- A transaction licensee knows the seller would take $15,000 less and that the basement floods; he keeps the price flexibility quiet but discloses the flooding.
Related terms & state variants
Sources
Source verification pending. Confirm current requirements with your state regulator.
Last verified: 2026-10-23