The National Association of Realtors outlines several fiduciary duties for real estate agents, including loyalty and confidentiality. Breach examples include making offers without client consent. State laws vary on fiduciary obligations, complicating agent responsibilities. Some states mandate a broad fiduciary duty, while others see agents as mere intermediaries. Industry experts, like Jaymes Willoughby, advocate for exposing homes to the market to secure better deals, contradicting claims that private listings are advantageous. A study supports this view by showing that homes listed exclusively take longer to sell.
In real estate, an agent's fiduciary duty encompasses key principles like loyalty, disclosure, and reasonable care. Breaches occur when agents act against clients' interests.
Fiduciary duty varies by state; some recognize it broadly while others treat agents as intermediaries. Gray areas exist, especially around private listings.
Willoughby argues agents must expose homes to multiple buyers to secure the best price, challenging the notion that private listings are more beneficial for sellers.
A study from Bright MLS indicates homes marketed solely as office exclusives tend to take longer to sell, contradicting the belief that they yield better deals.
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