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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (2819)6/19/2002 1:37:39 PM
From: bozwoodRead Replies (2) of 306849
 
Tradelite,

Thanks for pointing out such a tricky thing to me, a lay person, as fiduciary duty. There is no such duty to the buyer, which is what I was talking about. Boy, you are right, it is tricky.

The point is that a realtor has a duty to the seller not the buyer. A used car salesperson also has a duty (while not fiduciary) to the dealership to sell the car. Each only gets paid if they sell. In addition, a buyer broker may have a duty to a buyer but still has some conflicts of interest.

By the way, a stockbroker does not represent (in the legal sense) the companies he or she is trying to sell.

And buyers of real estate may not now understand that they are customers, not clients, when consulting with a realtor.
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