Respuesta :
The transaction broker, in contrast to the traditional fiduciary duties, removes or lessens these three duties: obedience, confidentiality, loyalty.
Fiduciary relationships are those that exist between real estate agents and their clients. An agent is a client's fiduciary since the word "fiduciary" implies "loyal servant." A broker or salesperson in real estate might represent both a buyer and a seller.
The following is a list of the fiduciary duties an agent has to her client:
- Confidentiality: The agent is required to keep any information provided by her client secret, particularly material that might harm the client during a negotiation.
- Loyality: The agent owes the customer complete loyalty and prioritises the client's needs over her own.
- Obedience: The agent shall comply with any reasonable instructions given by the customer.
- Accounting: The agent is responsible for keeping track of any cash sent to her and is not permitted to mix her personal or business finances with those of her clients or customers.
- Care: For the benefit of the client, the agent must exercise all of her abilities to the fullest extent possible.
- Disclosure: Any information the agent learns that can strengthen the client's position during negotiations must be shared with the client.
To learn more about fiduciary duties, refer
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