Agency Relationships: Fiduciary Duties | Real Estate Prep Exam Videos

Agency Relationships begin with the fiduciary duties agents owe to their clients. In this video, we will discuss the parties to a real estate transactions, and the duties the agent (licensee) owes to their clients and customers. Key terms discussed in this real estate exam prep videos are:

Agency Relationship – The legal relationship between the principal/client and the agent/licensee.
Fiduciary Duty – Duties that involve trust and confidence. A fiduciary duty is an obligation to act in the best interest of another party.
Agent / Licensee – Someone who holds a real estate license and is authorized to represent another in a real estate transaction.
Client / Principal – Hires another party (Agent/Licensee) to represent them in a real estate transaction
Customer / Unrepresented Party – A party to a real estate transaction that is not being represented by an Agent/Licensee

Best of luck with your studies…

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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.

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Paul Vojchehoske