Fiduciary Duties of a Real Estate Agent

A real estate agent is a professional who possesses the knowledge and skills to work in the real estate industry. A real estate agent works on behalf of his clients who want to sell or buy properties. A real estate agent is hired by people who are interested in dealing in the real estate industry but do not have the required knowledge and links to do so. A real estate agent when hired by the clients becomes a fiduciary. As a fiduciary, a real estate agent has several duties and is held by law to perform specific duties for the client.

The fiduciary duties of a real estate agent include the following:
  • Loyalty: A real estate agent is legally bound to be loyal to the clients. This duty binds the real estate agent to act in the best interests of the client at all times. A real estate agent cannot breach loyalty of the client at any cost. For the sellers, a real estate agent must loyally find the best price for the property being sold. For the buyer, a real estate agent must be loyal enough to find the best property within the budget of the buyer.
  • Obedience: A real estate agent is legally bound to abide by and obey all instructions given by the client. The real estate agent however is not bound to obey unlawful instructions of the clients and is required to make sure that he does not misrepresent the deals from either the buyer’s or the seller’s side.
  • Disclosure: A real estate agent is bound by law to disclose all necessary information about the properties to the clients. The agent must let the buyers as well as sellers know of all the necessary information pertaining to the properties and transactions including the cost of the property, the reasons why the properties are being bought or sold and also the documents that may be required for the transaction.
  • Confidentiality: A real estate agent is required to keep the details of the clients confidential. A real estate agent must keep confidential any information that the clients do not wish to disclose. However, the real estate agent cannot in any condition keep material facts and necessary information confidential.
  • Care and diligence: A real estate agent is required to work with diligence and care for the clients. The real estate agent must work in the most professional manner and use all expertise and skills to work for the clients.
Home Run Offer is a local real estate business in Las Vegas. We work to help our clients find the best deals for the properties they want to buy or sell. We work in the most careful manner to make sure that our clients feel satisfied.

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