I think it is a "real relationship." It just has its own characteristics and purpose. My relationship with my brother is different than that with my parents, which is different than that with my children. It goes on to the different relationships I have with my boss, my colleagues, my friends, and of course, my therapist. They are all "real" relationships, just all very different from each other.
One of the characteristics somewhat unique to our relationship with our therapist is the imbalance in power. We need more from them than they need from us. They need payment, but we have a whole lot more that we need from them.
Transference is hard. But it can be very useful if the therapist is trained in it and knows what they are doing.
Anyway, in my way of thinking, it is definitely a "real" relationship.
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