A fiduciary duty is a legal and ethical obligation that requires real estate professionals, such as agents and brokers, to act in the best interests of their clients. This responsibility includes duties of loyalty, care, disclosure, obedience, and confidentiality, ensuring that the professional prioritizes the client’s needs and protects their interests during transactions. Fiduciary duty helps to establish trust and transparency between clients and real estate professionals.
Related terminology:
Agency relationship
Dual agency
Buyer’s agent
Seller’s agent
Real estate broker
Real estate agent
Duty of care
Duty of loyalty
Duty of disclosure
Duty of confidentiality
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References:
- Investopedia: Fiduciary Duty – Definition and Real Estate Applications
- The Balance: Fiduciary Duties of Real Estate Agents Explained
- National Association of Realtors: Understanding Fiduciary Duty in Real Estate Transactions
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