A real estate agent has a specific responsibility to his or her client that is called a fiduciary duty, which simply means that the agent has to act in the best interests of his/her client. Not only does a real estate agent have to sell your house, he or she also has to be responsible for it.
A real estate agent’s fiduciary duties include being loyal – doing everything possible to gain an advantage; being obedient – promptly obeying all lawful instructions from the seller or buyer that conform to the purpose of the agency relationship; practice disclosure – reveal any material defects in the property, but not information such as poor school systems, dropping property values or traffic problems; exercise confidentiality – use discretion when revealing or concealing financial details; use reasonable care and diligence – prepare him or herself through education to competently represent the seller; and being accountable – for any documents or money entrusted to him or her.
A good agent will keep up with market activity and help his or her clients with contracts, inspections, negotiations, and the closing process.