Which of the following would not create an agency relationship?

A transaction broker agreement does not establish a traditional agency relationship as it differs fundamentally from other types of agreements like exclusive agency or listing agreements. In a transaction broker arrangement, the broker acts as a neutral facilitator of the transaction without being the agent for either party. This means the broker does not provide fiduciary duties such as loyalty, confidentiality, or full disclosure to either the buyer or the seller, which are typical components of an agency relationship.

In contrast, exclusive agency agreements, listing agreements, and buyer representation agreements all create a clear agency relationship where the agent has specific obligations to act in the best interest of their client. This includes duties like advocating for the client's needs, providing counsel, and negotiating on their behalf, which are essential elements of a fiduciary bond. Therefore, identifying the transaction broker agreement as the option that does not create an agency relationship highlights its distinctive role in real estate transactions, focusing instead on facilitating rather than representing interests.