Real Estate: Understanding Fiduciary Responsibility

When it comes to real estate, real estate agents have to deal with fiduciary responsibility. There are many different things that fall under the category of fiduciary responsibility. Here are a few things that make up this set of responsibilities.

Confidentiality

Your real estate agent has a fiduciary responsibility of confidentiality. This means that anything that they learn in private from their clients cannot be disclosed to anyone else. They have to keep everything they discuss with their clients private.

Disclosure

The real estate agent also has the duty of full disclosure. This means that they have to disclose all of the facts regarding a potential property, even if it means that they might change their mind about buying it. Anything that the real estate agent knows has to be disclosed to their clients.

Loyalty

The real estate agent also has to remain loyal to their clients under any circumstances. If they have the chance to benefit themselves by helping someone else, they have to consider how it is going to affect their clients first.

Obedience

When you are a real estate agent, you also have to obey the wishes of your clients. If they ask you to do something that is legal and moral, you need to accommodate their request.

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