Notes from the Real Estate Expert
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There is a lot of room for litigation concerning the real estate field. Because of that, there is also room for experts. An article in our Knowledge Center, Real Estate Agent Standards of Care: Agency Duties and Requirements, highlights the real estate industry including the standards that agents must follow. An excerpt from the article is as follows:
"Real estate agency relationships are governed by both common law and statutory agency law. The term“agency” can be defined as: the “fiduciary relationship” that arises when one person (a principal) hires an agent to act on the principal’s behalf. Agency has also been defined in Black’s Law Dictionary as: A fiduciary relationship created by an express or implied contract or by law, in which one party (an agent) acts on behalf of another party, (the principal). The fiduciary duties of an agency relationship generally require that an agent act with good faith, trust, candor, and provide a high standard of care regarding the interests of the principal."
To read the full article, please click here.