Which transaction does not require a guide to agency relationships to be executed?

The sale of real estate at auction does not require a guide to agency relationships to be executed because auctions typically involve a straightforward transaction process that is regulated by the auctioneer rather than relying on an agent to represent either the buyer or the seller. In an auction setting, the auctioneer acts as an intermediary and facilitates the bidding process, often allowing buyers to bid directly against each other without the need for formal agency representation.

In contrast, leasing commercial property, selling residential property, and developing real estate usually involve more complex relationships and negotiations. These transactions often necessitate clear agency agreements to establish the roles and responsibilities of agents in representing either the buyer or the seller, ensuring that all parties understand their legal obligations and rights throughout the process.