Many of the laws in place in our country atthe present time are derived from “Old English Law” Under the legal system at that time when an agent signed a contract with an employer he owed the employer a fiduciary responsibility (where his loyalty lies) and was obligated to protect his interests at all times. This “agency law” applied to Real Estate. Licensees who listed property for sale had a signed listing contract with the owners owed the owners a fiduciary responsibility. In addition to the listing agent, all the agents in the listing office and all other agents who showed the property to prospective Buyers were agents for the Sellers and had a fiduciary responsibility to them.
28 Apr