Fiduciary Duty of a Real Estate Agent – Why Should I Care?
When you go to school to become a real estate agent, one of the first things you learn about is Fiduciary Duty. It is a keystone of integrity for anyone in the business, and is discussed again and again in your continuing education as an agent. It is also a basic component of the Code of Ethics to which every Realtor is bound.
But what exactly is fiduciary duty? Let’s begin with a simple acronym: CARLOAD. There are seven tenets which define fiduciary Duty:
Confidentiality-any information divulged by the client is kept in utmost confidence, and NOT SHARED with anyone. Think doctors and lawyers.
Advocacy-the agent has client’s best interests at heart, and will go to the greatest lengths to ensure the best possible outcome for them.
Reasonable care-the agent makes sure all processes are completed in a timely manner, follows up … Read more