Our REALTORS® are dedicated to treating their clients and the public with integrity in all they do. Each one has, by joining our association, agreed to abide by a strict code of ethics meant to protect the professionalism of our industry and the public as a whole.
This means understanding how each action they take can impact their clients, customers, peers, and industry.
When a REALTOR® represents a client they become his or her fiduciary (trustee). This means that everything they do should be in the client’s best interest, even when it conflicts with their own interests. REALTOR® counsel on price, negotiate in the client’s best interest, and advise on decisions such as mortgage options, appraisals, home inspections, and the myriad other things that come up in a sale. When buying or selling property a consumer should sign a buyer or seller’s representative agreement with their REALTOR® to formalize the relationship.
The 6 Fiduciary duties a REALTORS® owes their client:
Accounting: The agent must account for all funds entrusted to him and not commingle (combine) client/customer funds with his personal and/or business funds.
Care: The agent must use all of her skills to the best of her ability on behalf of the client.
Confidentiality: The agent must keep confidential any information given to him by her client, especially information that may be damaging to the client in a negotiation.
Disclosure: The agent must disclose to the client any information he receives that may benefit the client’s position in a negotiation.
Loyalty: The agent owes undivided loyalty to the client and puts the client’s interests above her own.
Obedience: The agent must obey all lawful orders that the client gives him.