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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: bozwood who wrote (2817)	6/19/2002 10:48:44 AM
From: Tradelite	Read Replies (2) \| Respond to of 306849

Bozwood....the difference between stock brokers/car dealers and real estate brokers is that a real estate broker has this tricky little thing known in the courts as "fiduciary" duty to his client. If he's practicing dual agency and is representing both the seller and buyer, then both parties know this in advance and have signed documents indicating they understand what dual agency means and what the limits of representation are. If the broker is working with a buyer who wants no type of representation, this buyer is a "customer"--not a "client"-- under the law and is not owed any type of representation or fiduciary duty at all. That person needs to know what "caveat emptor" really means. The stock broker represents any companies who stock his brokerage house is trying to unload---many investors didn't seem to understand that they were customers, not clients, when they consulted a stock broker over the past several years. The car dealer is not an agent or a fiduciary or anything other than a retailer out to sell products to "customers."