What is a real estate broker’s fiduciary duty?

A real estate broker’s fiduciary duty is a legal responsibility to act with honesty and loyalty in the best interests of their client. This means working to ensure the client’s interests are protected in all aspects of the transaction. In the state of Alaska, every real estate broker possesses a fiduciary duty to their client. This means the broker must exercise the highest level of care, integrity and loyalty when handling their client’s dealings. The broker must take all reasonable steps to ensure the client’s interests are given top priority in the real estate transaction and ensure the client’s decisions are based on accurate and reliable information. A real estate broker’s duty also includes providing advice and feedback to their client and openly disclosing any potential conflicts of interest. This includes notifying the client if the broker stands to gain financially from the transaction. The broker must also act in the best interests of the client regardless of any personal gain or loss. Finally, real estate brokers must avoid any of the prohibited behaviors under Alaska’s real estate laws. This includes stealing money or property from the client, or acting for another without the client’s knowledge. A real estate broker’s fiduciary duty is essential to ensure a fair and legal real estate transaction in the state of Alaska.

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What is a real estate broker’s fiduciary duty?

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