What does the term "fiduciary duty" imply for an agent?

The term "fiduciary duty" fundamentally refers to the legal and ethical responsibility that an agent has to act in the best interest of their client. This duty encompasses a range of obligations, including loyalty, confidentiality, full disclosure, and accountability. When an agent has a fiduciary duty, they must prioritize their client's needs and objectives above their own self-interest or profits. This means providing accurate information, disclosing any potential conflicts of interest, and making recommendations that will benefit the client, even if it may not be the most lucrative option for the agent personally.

While minimizing risks in transactions and being cognizant of market trends are important aspects of real estate practice, they do not fully capture the essence of fiduciary duty. The primary focus of this obligation is not just on financial outcomes or trends but on ensuring that the client’s interests are safeguarded and elevated throughout the agent's conduct and decision-making processes. Thus, acting in the best interest of the client is the cornerstone of fiduciary duty in the context of real estate.