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

To: Metacomet who wrote (78018)	5/22/2007 3:54:28 PM
From: Travis_Bickle	Read Replies (2) \| Respond to of 306849

How does the realtor have a fiduciary responsibility towards the client? ----------- fiduciary Definition An individual, corporation or association holding assets for another party, often with the legal authority and duty to make decisions regarding financial matters on behalf of the other party. investorwords.com ------------ Realtor would have to be a moron to take that responsibility for potentially half of a 6% commission, he/she would constantly face suits over having sold too cheap or not sold cheaply (quickly) enough. Is a stock broker also a fiduciary?

To: Metacomet who wrote (78018)	5/23/2007 1:13:16 AM
From: bobby is sleepless in seattle	Read Replies (3) \| Respond to of 306849

One can establish a relationship without a contract. Law of agency stands, fiduciary duty remains, regardless of compensation or even without contract involvement. It doesn't seem right, does it? But if one thinks about it from an ethics standpoint, it makes sense. Is it really right to place a profit motive in front of a client and choose to not at least make a client aware of a FSBO that the agent is materially aware of and knows it could meet the needs of the client? The reality of it is, most agents won't, but that doesn't make it right. There's a lot of other examples that fracture this responsiblity without thought. On the surface it may seem harmless until one day... <If you are operating strictly as a listing agent, you have no obligation to show other than your sellers property.> correct. Couple years ago, I participated in a week long class which centered on law of agency and contract law taught by a couple of well informed practicing RE attorneys who do a bunch of work for subscribers to the local multiple. Their presentation started by ripping everyone in the room on how agents are idiots and just plain dumb stupid for being agents. Agents are wide open to a tremendous amount of potential litigation working for slave wages and in some cases, no wage at all. Without skipping a beat, they made it ever so clear that they never be would be agents knowing what they know as attorneys. One of the best classes I've been part of. Guess I'm just plain stupid...