What is a real estate broker’s fiduciary duty?

A real estate broker’s fiduciary duty is a legal obligation to represent the best interests of the person they are working for. This means that a real estate broker must act in the best interests of their client, not their own. This means that a broker must act honestly and fairly, provide full disclosure of information, and not take advantage of their client. They should also make sure that their client understands all the legal documents involved in the transaction. In Virginia, brokers must also follow certain standards of care in the real estate sales process. The broker must take reasonable efforts to find the right property for the buyer, negotiate a suitable purchase agreement, and do their best to protect the buyer’s interest in the deal. The broker should also make sure that the buyer is aware of all relevant facts related to the property. The real estate broker must also provide the buyer with accurate and timely market information and advice regarding the sale or purchase of a property. The broker must also refrain from making any false or misleading statements to the buyer regarding the property, and must not put their own interests ahead of the buyer. In conclusion, a real estate broker’s fiduciary duty is an important obligation that requires the broker to act in the best interests of their client. The broker must make sure that the buyer is aware of all relevant facts, and make honest and fair deals. Virginia has a set of standards of care that brokers must follow to adhere to this duty.

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What is a real estate broker’s fiduciary duty?

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