Declining or accepting an offer without the client’s approval. Failing to inform a seller of other offers on the table, after an offer has been accepted or. Receiving secret profits or fees that are not disclosed to the client(s). Some common breaches of fiduciary duty include: 
As such, they are required to act as a proxy for their client by making decisions for the client, and reporting information in an open and honest manner. The agent will be spending most of the property buying process working independently of the client, whether negotiating with other parties, coordinating inspections, and reviewing contract documents. A real estate agent’s most important aspect of fiduciary duty is the requirement to be honest and make decisions based on the best interest of their client.
A fiduciary is an individual who is entrusted with acting on behalf of another individual and making decisions in their best interest.įiduciaries are entrusted with legal duties or obligations to their client because of their experience and specialized training. The most common legal claim occurs when the agent is negligent in their fiduciary duties. Real estate agents may be subject to numerous legal claims, given the nature of their work. What are the Most Common Lawsuits Against Real Estate Agents?
Do I Need an Attorney to Sue a Real Estate Agent?. What Remedies are Available If You Sue a Real Estate Agent?. What are the Most Common Lawsuits Against Real Estate Agents?. Violating the Fair Housing Act, such as disclosing certain details about a neighborhood or community that are protected by the Act. Giving tax advice, as they are not licensed to do so or. Giving legal advice (unless they are a licensed attorney and are acting in capacity as your attorney), as this would be considered an authorized practice of law. There are some things real estate agents are not allowed to do. Typically, real estate agents must work with a broker. However, brokers may work alone because of the more rigorous state board licensing process they are required to complete. The term “real estate agent” is sometimes used interchangeably with the terms salespeople and brokers. This is by no means an exhaustive list of what real estate agents do. 
Guiding clients through tours of the property. Showcasing properties to potential buyers and. Negotiating sale prices between sellers and the clients. Reviewing real estate contracts, such as lease agreements, purchase agreements, and rental contracts. Answering basic questions that clients may have, such as explaining the home purchasing/selling process. Providing satisfactory customer service if a client has an issue. Drafting and preparing offers and other related paperwork. Some examples of what a real estate agent does include: Real estate agents are responsible for several tasks, depending on their education, licensing, and certifications. Real estate agents have obtained an education and training in all matters related to real estate, such as the laws governing the sale of property, and have passed a state board exam to get the proper license. They represent buyers or sellers of real estate, which is essentially property consisting of land and the buildings on it. CLASS ACTIO REAL ESTATE AGENTS PROFESSIONAL
Simply put, a real estate agent is a licensed professional who is authorized to conduct real estate business in a given state. What is a Real Estate Agent Responsible For, and What are They Not Allowed to Do?
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