What is a real estate broker’s fiduciary duty?

A real estate broker’s fiduciary duty describes the legal responsibility they have to their clients. A fiduciary relationship is one in which one party holds a high level of trust and confidence in the other. In South Carolina, real estate brokers have a fiduciary duty to act in the best interest of their clients. This includes providing services in a loyal, diligent, and honest manner. Brokers must keep confidential any information obtained through their dealings and avoid any conflict of interest. They also must be honest when providing services to their clients and provide them with complete and accurate information on property in a timely manner. Additionally, brokers should negotiate aggressively on behalf of their client and not accept any compensation other than the agreed-upon fee from the sale or purchase of property. In South Carolina, brokers have a duty to comply with all applicable laws, regulations, and ordinances. They must also protect the interests of their clients and disclose any facts which might influence the client’s decision. If a broker is found to have violated their fiduciary duty, they can be held liable for any damages resulting from the breach. For this reason, South Carolina real estate law considers the fiduciary duty of brokers to be of the utmost importance.

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What is a real estate broker’s fiduciary duty?

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