Terms of service.
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Fiduciary Responsibility
In real estate, an agent representing you owes you a fiduciary duty. That duty is often broken down into six (6) key areas. Those responsibilities are commonly referred to as “OLD CAR”. OLD CAR is a strange acronym for my profession but the principals I deeply respect.
"OLD CAR" is an acronym that represents the fiduciary duties real estate agents owe to their clients. These duties include Obedience, Loyalty, Disclosure, Confidentiality, Accounting, and Reasonable care and diligence. The National Association of REALTORS® developed this acronym to help agents remember the key points of their fiduciary responsibilities.
Here's a breakdown of each duty:
Obedience:
Agents must follow their client's lawful and ethical instructions.
Loyalty:
Agents must prioritize their client's interests above their own and other parties.
Disclosure:
Agents must disclose all material facts and defects about the property to their clients.
Confidentiality:
Agents must keep confidential any information learned about their clients' personal or financial affairs.
Accounting:
Agents must account for all funds related to the transaction, ensuring proper handling and reporting.
Reasonable Care:
Agents must exercise the appropriate level of skill and diligence in representing their client's interests.
I along with every other licensed real estate agent owes these services to their clients. One thing that my clients repeatedly state about me is that it is clear that I prioritize their needs above my own. Loyalty coupled with reasonable care tends to cover all the rest of those key points. I’m human, however I also developed standards, professional partnerships, and habits that help me mitigate my shortcomings. That is one of the most paramount practices that sets me apart from most agents.
*** To complete these forms select Seth Beverly as the agent who provided them to you (in the drop down menu). For questions, please email me and we can schedule a call to review and complete the documents together.
sethb@opgny.com
