What is a real estate broker’s fiduciary duty?

A real estate broker’s fiduciary duty is the legal obligation they have to put the interests of their clients before their own. This means that all decisions made and actions taken on behalf of the client must be made honestly, fairly, and in the best interests of the client. Real estate brokers in New York are obligated to treat clients with loyalty, honesty, and good faith. This means they must follow the rules and regulations of their profession and not abuse their client’s trust. For example, they must disclose any conflict-of-interests when entering into real estate transactions. This means they must disclose to the client if they are receiving compensation from any party connected to the transaction, such as the buyer, seller, lender, or appraiser. It is also their responsibility to keep their clients informed during the entire process, provide them with all relevant information, and keep their confidential information safe and secure. Real estate brokers in New York also have a duty to protect their clients’ interests during the transaction. This means if there is anything that may affect the deal, such as undisclosed liens or structural problems, the broker must disclose this information to their client. In addition, the broker must ensure that all parties involved in the transaction are aware of the inherent risks and are acting in an ethical manner. The fiduciary duty of real estate brokers in New York is an essential part of the real estate transaction process. It is designed to protect everyone involved in the transaction and ensure that all parties are acting in an honest and ethical manner. If a real estate broker breaches this fiduciary duty, they may be liable to their client for any financial losses associated with their actions.

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What is a real estate broker’s fiduciary duty?

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