Division Of Real Estate Newsletter – Second Quarter 2018
April 1, 2018
Your Fiduciary Duty! Chris Martindale, Investigator (Fiduciary Duties- The Golden Rule) – On pages 5 & 6, this article talks about how licensees have duties to act in the best interest of their clients, and a good rule of thumb is to think “treat others how you’d like to be treated.” It goes over some specific duties from rule R162-2f-401a, like full disclosure, confidentiality, loyalty, obedience, etc. It emphasizes that the needs of the principals must come first in every transaction, even transactions where agency is only limited.
Kagie’s Korner – Can a limited agent act as a principal in a transaction? (Ethics/Fiduciary Duties) – On page 15, this article gives three hypothetical scenarios in the process of explaining how a licensee cannot fulfil their fiduciary duties to act in the best interest of their client if they are the principal on the other end of the transaction. The only way a licensee can act as a principal and representative in a transaction is if they are representing themselves and have fully disclosed that they are licensed.
*Mentions Lead Based Paint Forms (page 6)