This disclosure describes the agency or relationship a buyer or seller has with the agent. Agents have a fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with their clients. This includes the following responsibilities:
- Diligent exercise of reasonable skill and care in performance of the agent’s duties.
- A duty of honest and fair dealing and good faith.
- A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known , or within the diligent attention and observation of, the parties.
A real estate agent may represent both the buyer and seller in a transaction, but only with the knowledge and consent of both parties. When acting as an agent for both the buyer and seller, it is referred to as duel agency. The agent has a fiduciary duty to exercise all responsibilities previously mentioned. It is important that when entering into a transaction, the buyer or seller is fully aware of their agency with the agent.