Colorado Springs Vintage Homes Blog

Real Estate Agents have a fiduciary relationship

Fiduciary Duties

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• Real Estate Agent or Realtor? What’s the difference?
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I came across a great article in the Gazette over the weekend about Fiduciary Responsibilities.   It was informative, well-written, and very much applies to Colorado Springs Real Estate and Realtors.   My favorite quote from the article written by Jim Flynn  ”The law expects more of fiduciaries than others who have legal duties to another person.”    Some examples of professional who have a fiduciary responsibility are trustees, executors, and guardians, as well as Realtors.

You may wonder what all of this has to do with real estate.  The answer is, it has everything to do with Realtors and real estate in Colorado and it starts with an understanding of agency in Colorado

Agency and Real Estate

Colorado is considered an agency state, and Real Estate Agents have 2 choices of how they represent clients.  According to the information in the Colorado Real Estate Manual:

When I’m an agent for a principal (a client) I have a variety of responsibilities including promoting the interest of the party with the utmost good faith, loyalty, and fidelity; seeking a price that is acceptable to the party, counseling the party as to any material benefits or risks of the transaction.    Essentially I have a fiduciary relationship to my client and with that comes a responsibility I take very seriously.

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Kathy (719-287-1049)   KTorline@msn.com

Tags: Dual agency in Real Estate, Real estate agent, real estate agent colorado springs, Realtors Colorado Springs, What is a Buyer agent?, what is a realtor

This entry was posted on Wednesday, January 27th, 2010 at 9:00 am and is filed under For Buyers, For Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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