An interesting article with the above title was posted May 19, 2011 by Michael Edlen a real estate agent at the following Website is well worth a read.

http://www.smmirror.com/?ajax#mode=single&view=32248

While it is true we agents have fiduciary responsibilities to our clients we are not true fiduciaries.

Our clients do not trust us to make any decisions for them. We have to get their permission for everything we do including putting a sign and a lockbox on a house.

If we were true fiduciaries we would be able to set prices, terms and the myriad of other chores we currently need written permission from our clients to do.

LOCALLY
Lawyers are deemed to be fiduciaries, but they also safeguard themselves from liability by obtaining the express instructions and authority of their clients.

A trustee has a fiduciary duty and their authority is limited to the expressed terms of the trust.

Liability
Lawyer's reduce their liability by ensuring that everything is in writing, and they are also responsible for the drafting of many real estate forms that are utilized by the real estate profession and design to protect the real estate agent, in the event the agents authority is challenged.

Authority
Locally, real estate agents may carry out various duties that are normally outside of both their normal activities and their expressed authority, PROVIDING, they have a duly executed Power of Attorney giving them the required authority.

Case law
Locally, a real estate agent being sued for a breach of their fiduciary duty, would be well advised to have admissable documentary evidence that they "did not have" a fiduciary relationship with the plaintiff.


IMPORTANT NOTICE: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a Lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information.