Our profession will always experience change, as we have seen in the past several months. It is our duty to adapt to these changes as we continually work to master our craft. One thing I don't ever see changing is the fiduciary duties we owe to our clients. A client can be a seller or a buyer and has a contractual agreement with us (agency), which is also called a fiduciary duty.

Fiduciary duties are the highest duties known to law. Common examples of fiduciaries outside our profession include trustees, executors, and guardians. Our fiduciary duties are governed by law, requiring us to uphold specific duties to our clients, in addition to any obligations set forth in a listing agreement or other contractual agreements.
 
Our fiduciary duties include:

1. Loyalty
This duty obliges us to act at all times solely in the best interest to our client to the exclusion of all other interests, including our own self-interest.

2. Confidentiality
We are obligated to our client's confidence and secrets. We must keep any information confidential that might weaken our clients' bargaining position. The only caveat to this duty is to withhold any information as known material facts concerning the condition of a property or to misrepresent the condition of a property. To do so would constitute misrepresentation and would impose liability on you and the seller.

3. Disclosure
We are obliged to disclose to our clients all relevant and material information that we know that pertains to the scope of agency.

Disclosure to our sellers:

• Present all offers.
• The identity of all potential purchasers.
• Any facts affecting the value of the property.
• Any information concerning the buyer's inability to complete the sale.
• Our relationship to, or interest in, a prospective buyer.
• Buyer's intention to subdivide or resell the property for profit.
• Any other information that might affect the seller's ability to obtain the highest price and best terms in the sale of his/her property.

Disclosure to our buyers:

• The willingness of the seller to accept a lower offer.
• Any urgency of the seller's needs to sell the property.
• Our relationship to, or interest in, the seller of the property.
• Any facts affecting the value of the property.
• Days On Market, any other offers or counter offers that have been made relating to the property.
• Any other information that would affect the buyer's ability to purchase the property at the lowest price and on the most favorable terms.

4. Obedience
We are obligated to obey all lawful instructions of our client.

5. Reasonable Care & Diligence
We are obligated to use reasonable care and diligence in pursuing our client's goal. Our real estate license deems us to have more skill and expertise in real estate superior to the average person. This duty includes an obligation to discover facts related to the transaction that a person who is not licensed would be expected to know.Simply put, we have the same duty any "professional", such as a doctor, lawyer owes to his/her patient or client.

6. Accounting
We are obliged to account for all money or property belonging to our client. This duty makes us safeguard any money, deeds, or other documents entrusted to us that are related to our clients' transactions.