What are the six fiduciary duties required of brokers and salespersons?

The six fiduciary duties required of brokers and salespersons are loyalty, obedience, disclosure, confidentiality, reasonable care, and accounting. Understanding these duties is vital for maintaining the trust and legal obligations that real estate professionals have towards their clients.

Loyalty is foundational in that it requires agents to act in the best interests of their clients above all else, promoting their needs in any situation. Obedience entails following the lawful instructions of the client. Disclosure involves informing the client of relevant information that could impact their decision-making, ensuring they are fully informed before proceeding. Confidentiality protects the client's private information, reinforcing trust in the relationship. Reasonable care is the responsibility to perform tasks with a level of expertise expected in the profession, safeguarding the client against potential missteps. Finally, accounting involves the accurate management of funds or property entrusted to the agent, maintaining transparency and integrity in financial dealings.

These fiduciary duties work together to establish a strong, ethical framework that governs the relationship between real estate professionals and their clients, ensuring that clients receive the highest level of service and protection in their transactions.