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6 Fiduciary Duties of a Real Estate Agent

Part of the Real Estate License Exams For Dummies Cheat Sheet

The relationship between a real estate agent and a client is called a fiduciary relationship. Fiduciary means faithful servant, and an agent is a fiduciary of the client. In real estate, a broker or a salesperson can be the agent of a seller or a buyer.

Here's a list of the fiduciary duties that an agent owes her client.

  • Accounting: The agent must account for all funds entrusted to her and not commingle (combine) client/customer funds with her personal and /or business funds.

  • Care: The agent must use all of her skills to the best of her ability on behalf of the client.

  • Confidentiality: The agent must keep confidential any information given to her by her client, especially information that may be damaging to the client in a negotiation.

  • Disclosure: The agent must disclose to the client any information she receives that may benefit the client's position in a negotiation.

  • Loyalty: The agent owes undivided loyalty to the client and puts the client's interests above her own.

  • Obedience: The agent must obey all lawful orders that the client gives her.

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Real Estate License Exams For Dummies Cheat Sheet

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