What is the standard of care that a real estate professional is expected to meet?

The standard of care that a real estate professional is expected to meet is referred to as the industry standard. This standard is based on the practices and expectations that are commonly upheld by professionals in the real estate field. It constitutes a baseline that real estate agents and brokers must adhere to in order to provide competent and ethical service to their clients.

This expectation means that a real estate professional should perform their duties in a manner consistent with what is generally accepted within the profession, ensuring they are knowledgeable, skilled, and diligent in their work. This includes staying informed about the local real estate market, understanding laws and regulations, effectively communicating with clients, and properly managing any transactions.

While fiduciary duty, legal requirements, and client expectations are all important aspects of a real estate professional’s responsibilities, they expand beyond the general industry standard. The fiduciary duty involves a higher ethical responsibility to act in the best interests of a client, while legal requirements relate to compliance with laws and regulations. Client expectations can vary significantly from one individual to another, making them less reliable as a standard across the industry.

Thus, the concept of adhering to the industry standard provides a clear and consistent benchmark for evaluating the performance and professionalism of real estate agents and brokers.