What are the Fiduciary Duties of a Real Estate Agent?

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What are a real estate agent's fiduciary duties? What are fiduciary duties? Are they important? This is everything you need to know about the fiduciary duties of a real estate agent.
✅ 🎓💯Make studying for the real estate exam EASY: bit.ly/46L59T9
The fiduciary duties of a real estate agent outline the code of conduct that every agent must take to uphold their integrity. These are the responsibilities they have with their client.
When a real estate agent follows the fiduciary duties, it will give them a better chance of building a deep connection with the client. This translates to an agent's number one way to make business: referrals.
Think about it!
When a client has an excellent time with an agent, they will refer them to all of their friends. That's because the client wants to ensure their friends have a great experience too.
That's why fiduciary duties are important. They help you build trust and integrity with the person you are serving.
Chapters:
00:00 - Intro
00:33 - Fiduciary Relationship in Real Estate
02:17 - Fiduciary Duty #1: Loyalty
03:40 - Fiduciary Duty #2: Obedience
05:13 - Fiduciary Duty #3: Confidentiality
06:31 - Fiduciary Duty #4: Disclosures
07:00 - Fiduciary Duty #5: Accounting
07:57 - Do you have a fiduciary relationship with the third party?
09:10 - One last thing!
#FiduciaryDuties #FiduciaryDutiesRealEstate #RealEstateAgent
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Thanks for watching-we'll see you on the next video!

Опубликовано:

7 июл 2024

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Комментарии : 51

@Aaron-ii5tx 3 года назад

I passed last Friday the real estate exam. Ready to get to work now

@USRealtyTraining 3 года назад

Aaron! Congrats! It's so exciting to know that you passed the exam. Following your progress and now seeing you moments before your career kicks off is incredible! Congratulations again!! 🎉🎉🎉🎉

@connorpascoe4796 2 года назад

I JUST PASSED THE EXAM 2 HOURS AGO!!! THANK YOU FOR THE HELP!!!😭😭😭

@USRealtyTraining 2 года назад

AWESOME!!!!!! Great job, Connor!!!! So happy these videos helped. Thanks for watching and wishing you all the best in your career, man! Good luck out there!

@tuwanacrosby2712 4 месяца назад

You are amazing! You stay right on point, thats more than what most teachers offer. Keep the videos coming!!!

@USRealtyTraining 4 месяца назад

Thanks! You got it! When's your exam date?

@ChaseMilner1 3 года назад

What a great video on fiduciary relationships! Being loyal and honest helps you to earn more referrals and money than being dishonest or selfish ever will.

@USRealtyTraining 3 года назад

Agreed! Thanks for watching!!

@castanedamarketingservices8335 3 года назад

Being a good friend to your clients is extremely POWERFUL 💪🏽and the right thing to do!

@USRealtyTraining 3 года назад

Agreed! This is great for getting more referrals, more reviews, and more business!

@ruthskerrett-santana643 3 года назад

Can’t wait! You explain everything so well.

@USRealtyTraining 3 года назад

Thanks for the kind words! Hope you enjoyed it, Ruth! ⚡

@linglin4461 3 года назад

Relationship and trust! Great video.

@USRealtyTraining 3 года назад

Thanks for watching!!!

@sebclay1526 Год назад

Short and sweet. Thanks 👍

@USRealtyTraining Год назад

You bet! Glad you liked it.

@shinoshine 3 года назад

This is the best video ever.

@USRealtyTraining 3 года назад

This is the best comment ever! Thanks for watching, Shion. I'm glad you found the channel. Hopefully, I'll hear from you on another video.

@punyanepal5700 7 месяцев назад

great explanation. Thanks.

@USRealtyTraining 7 месяцев назад

You're welcome! Thanks for watching.

@sanjivkumar4783 2 года назад

Great advice👍, thanks.

@USRealtyTraining 2 года назад

You bet! Glad this video resonated with you and hope you check out my others!

@anwamu 2 года назад

You’re really good!!!

@USRealtyTraining 2 года назад

Thanks for watching! I'm glad you liked the video.

@loveisme5017 Год назад

This is very helfull will use them in my business debate

@TezAlwaysHeated Год назад

Perfect video. Ty, again.

@USRealtyTraining Год назад

Glad you enjoyed the video! Be sure to share with a friend or colleague because that's the best way for us to grow and make more content like this video!

@TezAlwaysHeated Год назад

@@USRealtyTraining I’ll keep that in mind.

@tatsumakisempyukaku 2 года назад

Well done.

@USRealtyTraining 2 года назад

Thanks for watching!

@milesromine9960 Год назад

Wow you just fall in love With the word feduciary.

@USRealtyTraining Год назад

It's a fun word! Thanks for watching.

@tatsumakisempyukaku 2 года назад

Hey. I wanted to say that I passed my real estate exams. And even though I live on the other side of the country, this and other videos of yours helped clarify some concepts. Many thanks to you. Now comes the hard part, the hustle

@USRealtyTraining 2 года назад

Big congrats to you. Way to go on passing the exam and I'm really happy these videos helped. If you made it this far, you can do the rest. Remember! You. Got. This!

@tatsumakisempyukaku 2 года назад

@@USRealtyTraining thank you. I saw this channel had content on how to do the business of real estate, or at least I appeared that way. I’ll be going over it in the coming days weeks and months. I’m now reading “fanatical prospecting”by Jeb Blount.

@shaprinash7327 6 месяцев назад

So I have a question are you able to sue both realtors on the buyer side and the seller side if you feel that you realtor as a buyer did not uphold the highest fiduciary duties, and you feel that the sellers realtor did not uphold his producer duties, which landed you andan extremely bad purchase?

@michael.luxury Год назад

I’ve failed my exam twice , I’ve gotten a 52% twice in laws and agency & fiduciary duties Over all score 63% of exam.

@USRealtyTraining 11 месяцев назад

Maybe I can help. Did you take our program or another school's program?

@alfredor62videos1 9 месяцев назад

RICO YOU ARE AMAZING /

@USRealtyTraining 9 месяцев назад

Very much appreciate this! Thank you for watching.

@gezelhoss4045 5 месяцев назад

❤

@USRealtyTraining 5 месяцев назад

Thanks for watching!

@justhere4food552 2 года назад

I'm still not quite understanding one of my exam questions "A seller contacted three brokers to suggest the list price for his property. Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. The seller listed with Broker C and the house ended up selling for $76,000. In this situation, Broker C might be guilty of violating which fiduciary duty?" ANSWER: Reasonable Care "Reasonable Care" sounds very straightforward but I'm having trouble finding the correlation between how to apply that... I thought the answer was (loyalty) because it looks like BROKER C was a fraud and lied about how much it would sell for. (UNLOYAL knowingly lying) -Thanks, in advance!

@laurenchelsey_ 2 года назад

Do you do one on one sessions?

@USRealtyTraining 2 года назад

I'm not doing one-on-one sessions at this time. But, that could be a possibility in the future. I'll be sure to let my subscribers know if I do start offering one-on-ones. Thanks for asking, Lauren.

@impossibledrms 2 года назад

What is the penalty for a real estate agent that breaks the fiduciary duties?

@USRealtyTraining 2 года назад

Great question! If a client believes that the agent has breached their fiduciary duties, then the client can take action against the agent which will result in the following: Rescission: The client can work with the courts to reinstate themselves to the status they were in before signing with the agent. So, if the agent sold the client's property, the client can have the court reinstate the property back to the home seller and refund the money back to the home buyer. Commission forfeit: In some cases, the agent can lose their commission and the money is returned to the home seller. Compensation of damages: If the client experienced damages of any kind, then the agent can be liable to compensate for the damages caused to the client. Under some circumstances, an agent can get their license suspended or revoked if they breach their fiduciary duties. A lot can happen to the agent. Each circumstance is different and the penalty of breaching the fiduciary duties is determined based on the case context. Hope this helps! If you have any questions, please let me know. I'm more than happy to help. Thanks for watching, too.

@chatryna 2 года назад

Amazing you have to be a fiduciary in order to be expected to be loyal. Who has ever heard of loyalty any way? Say what? Obedient and legal too? How far are fiduciaries willing to go? Might want to get a fiduciary agreement in the vows the next time I get married. To hell with "I promise to get you ice cream on your birthday".

@tatsumakisempyukaku 2 года назад

Great F’ing presentation. But, It’s missing one fiduciary responsibility according to my book. literally, My, “Modern real estate practice” book, 20th edition, by Dearborn real estate education, on p 142 of unit 9: real estate agency; It says that the fiduciary responsibilities are: Care Obedience Loyalty Disclosure Accounting Confidentiality Your video missed care. I watched it twice. But didn’t notice it. But if I did miss it, because I can, then let me know. But can you explain “Care” because one sentence says, “ The most fundamental way in which an agent exercises care is to use that skill and knowledge on the principal’s behalf.” Where the skills and knowledge comes from the principals expectation that the agent has greater real estate expertise than the average Joe. In the book, care seems to be more about the agent having and using their skill, knowledge and experience on behalf of the client. But then why call that care? Lol. Just asked Siri what “care” means. Siri says that care is when serious attention and or consideration is applied to doing something correctly, OR the serious attention/consideration to avoid harm or damage. That kinda makes sense with what the book “appears” to be aiming at. So, in the sense Care is “watchful attention” , as when we care for babies, we are watchful and attentive to their needs, we likewise give our clients or make our clients and their goals the objects of our watchful attention.

@USRealtyTraining 3 года назад

✅ 🎓💯Make studying for the real estate exam EASY: bit.ly/46L59T9

@ruthskerrett-santana643 3 года назад

awesome!!! thank youuuu