What type of brokerage relationship is characterized by no representation for either party?

Transaction brokerage is characterized by no representation for either party in a real estate transaction. In this type of brokerage relationship, the broker facilitates the transaction between the buyer and the seller without representing either party as an agent. Instead, the broker serves as a neutral facilitator, helping both parties through the process of the transaction while maintaining a duty of loyalty to both.

In a transaction brokerage, the broker does not advocate for one party's interests over the other, which distinguishes it from other types of brokerage relationships where representation is clear. This means transaction brokers provide essential services like handling paperwork and ensuring compliance, but do not provide the level of advocacy that comes with a traditional agency relationship, making them particularly useful in situations where neutrality is desired.

In contrast, exclusive listings involve representing a seller exclusively, dual agency means representing both the buyer and the seller simultaneously (which can raise conflicts of interest), and designated agency involves one agent representing the seller while another agent in the same brokerage represents the buyer, creating specific representation for both parties.