What is a real estate broker’s fiduciary duty?

A real estate broker’s fiduciary duty is a legal obligation to act in the best interest of their client. In Delaware, a real estate broker is held to the highest degree of good faith, loyalty, and trust in their dealings with their clients. This means that they must act in their client’s best interest while remaining impartial and unbiased. They also have a responsibility to provide their clients with all the information they need to make an informed decision. Real estate brokers must also provide their clients with an accurate and honest description of the prices and terms of a property. They must disclose to their clients any conflicts of interest that might arise in the course of their dealings, and must not accept kickbacks from any third-party sources. Most states also require brokers to maintain the confidentiality of their client’s information, and to provide their clients with a list of references. Real estate brokers have extensive knowledge of the real estate market and are trusted to provide advice that is in the client’s best interests. However, if a broker fails in their fiduciary duties, they can be held liable for any damages or harm that their client has suffered as a result. In Delaware, a real estate broker must act with extreme care when representing their client in order to avoid such liability.

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What is a real estate broker’s fiduciary duty?

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