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Fiduciary duty obligates a professional to act in the client’s best interests. This can apply to financial advisors, attorneys, real estate agents and other professionals. Fiduciary duty is ...
The real estate licensee, upon entering into a written agreement with a buyer, agrees to work for the buyer and in return, the buyer agrees to representation. [1] [2] At this point, a real estate brokerage owes the buyer the duties on Loyalty to the buyer by acting in the buyer's best interest.
A fiduciary's duty must not conflict with another fiduciary duty. [20] [38] [77] Conflicts between one fiduciary duty and another fiduciary duty arise most often when a lawyer or an agent, such as a real estate agent, represent more than one client, and the interests of those clients conflict. [23]
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. [1]
Flat-fee real estate agents charge a seller of a property a flat fee, $500 for example, [11] as opposed to a traditional or full-service real estate agent who charges a percentage of the sale price. In exchange, the seller's property will appear in the multiple listing service (MLS), but the seller will represent him or herself when showing the ...
In the Philippines, a Sub-Agent is someone who is under the supervision and operational control of a Real Estate Broker. The Sub-Agent is not an agent of the Buyer or Seller. It is the Broker who is the Agent of the Buyer or Seller. The Sub-Agent is an agent of the Broker, works for the Broker, and represents the interest of the Broker.
Estate planning: A principal may use an irrevocable power of attorney to ensure that their agent can effectively and continually manage the assets within an irrevocable trust.
Examining Compliance with Fiduciary Duties: A Study of Real Estate Agents (with V. Carlos Slawson Jr.), 84 OREGON LAW REVIEW 681 (2005). Rejecting the Marie Antoinette Paradigm of Prejudgment Interest, 43 BRANDEIS LAW JOURNAL 1 (2004).