What does "fiduciary duty" mean in the context of real estate?

In the context of real estate, "fiduciary duty" refers to the obligation that an agent or broker has to act in the best interests of their client. This duty is a fundamental principle in the relationship between a real estate professional and their client, requiring the agent to prioritize the client's needs and interests above their own. This encompasses various responsibilities, including loyalty, confidentiality, full disclosure, and obedience to lawful instructions, ensuring that the fiduciary acts with care, skill, and good faith throughout the process of a real estate transaction. Maintaining this duty is vital for fostering trust and maintaining ethical standards within the profession.