6 Fiduciary Duties of a Real Estate Agent

John A. Yoegel

Updated

2017-05-16 21:13:59

From the book

No items found.

Download E-Book

Real Estate License Exams For Dummies

Explore Book

Download E-Book

Real Estate License Exams For Dummies

Explore Book

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.

About This Article

About the book author:

John A. Yoegel, PhD, is a certified real estate instructor and former board member of the Real Estate Educators Association. He teaches pre-licensing and continuing education courses for salespeople, brokers, and appraisers.

This article can be found in the category:

Real Estate Licensure Exam

Hot off the press

Explore Related content

Real Estate License Exams For Dummies

No items found.

Book & Article Categories

Book & Article Categories

Collections

6 Fiduciary Duties of a Real Estate Agent

About This Article

About the book author:

This article can be found in the category:

Explore Related content

Book & Article Categories

Book & Article Categories

Collections

6 Fiduciary Duties of a Real Estate Agent

About This Article

This article is from the book:

About the book author:

This article can be found in the category:

Explore Related content

Study Your State's Real Estate Laws for the License Exam

Know the US Survey System for the Real Estate Exam

How to P-R-E-P-A-R-E for the Real Estate License Exam

How to Make Mortgage Calculations without a Fancy Calculator

Real Estate License Exam: Measuring Area and Volume

Real Estate License Exams For Dummies Cheat Sheet

Knowing What to Take to a Real Estate License Exam

Real Estate Contracts

Zoning Laws and Other Construction Regulations

After the Housing Bubble: Becoming a Real Estate Agent

Study for the Real Estate License Exam

Real Estate License Exam: 7 Confusing Word Pairs

Real Estate Terms for Giving Up and Losing Property

6 Fiduciary Duties of a Real Estate Agent

4 Types of Listing Agreements for Real Estate Agents

4 Kinds of Real Estate Ownership

Real Estate License Exam: What Happens before the Closing

Types of Deeds You Need to Know for the Real Estate License Exam

Residence Construction Regulations You Should Know for the Real Estate License Exam

Types of Leases on the Real Estate License Exam