What is the main duty of a real estate agent under the concept of fiduciary duty?

The main duty of a real estate agent under the concept of fiduciary duty is to act in the best interest of their client. This fundamental principle of fiduciary duty creates a trust-based relationship between the agent and their client, which requires the agent to prioritize the client’s needs and interests above their own. This responsibility encompasses several specific obligations, including loyalty, confidentiality, disclosure, and accounting.

By putting the client’s best interests first, a real estate agent must provide honest and transparent advice, advocate for the client’s desires and objectives, and handle all transactions with a high level of professionalism and ethical standards. This concept is integral in fostering trust and ensuring that clients feel secure in their decisions regarding real estate transactions.

In addition to this, while marketing properties effectively and complying with state regulations are important aspects of real estate practice, they do not encompass the essence of fiduciary duty. Maximizing profit for the agency may sometimes conflict with the best interests of the client, which is why a real estate agent must always remain focused on serving their client’s needs above all else.