News for hackers. Stuff that matters.
Re:A new class-action lawsuit takes aim at real estate agent... by kbutler on Tuesday March 19, 2019 @05:26PM (#19436095)
Realtors have a fiduciary responsibility to act in the interest of their principal, even when it is against the interest of the agent.

"This duty obligates a real estate broker to act at all times solely in the best interests of his principal to the exclusion of all other interests, including the broker’s own self-interest." https://www.nar.realtor/sites/default/files/handouts-and-bro...

Re:A new class-action lawsuit takes aim at real estate agent... by scarface74 on Tuesday March 19, 2019 @07:46PM (#19437392)
Yeah and people are completely honest when they swear to tell the truth in court too...

Good luck proving that the real estate agent just didn’t know about the house they didn’t show you.

Re:A new class-action lawsuit takes aim at real estate agent... by diggernet on Tuesday March 19, 2019 @11:44PM (#19438735)
Please note: That is for a "real estate broker". Most buyers and sellers are dealing with a "real estate agent". Agent is a lower level license, for which that duty does not apply.
Re:A new class-action lawsuit takes aim at real estate agent... by kbutler on Wednesday March 20, 2019 @07:12PM (#19447927)
That differences in fiduciary duty does not appear to be the case. For example

"Agents who represent clients under single agency owe a fiduciary responsibility to the client" https://www.thebalance.com/agency-relationships-in-real-esta...

Re:A new class-action lawsuit takes aim at real estate agent... by dragonwriter on Wednesday March 20, 2019 @09:07AM (#19441638)
In California, at least, a real estate agent has both common law and statutory fiduciary and fiduciary-like duties.
Re:A new class-action lawsuit takes aim at real estate agent... by donavanm on Wednesday March 20, 2019 @01:27AM (#19439276)
In practice, no. The broker != agent distinction is key here. And the insulation between actuons of the agent and responsibility of the broker. Additionally the standard paperwork (AFAICT) routinely has the principal waive the brokers duty of representation as well.
Re:A new class-action lawsuit takes aim at real estate agent... by josaka on Tuesday March 19, 2019 @10:23PM (#19438321)
At least from the perspective of the legal profession, the scope of "fiduciary duties" of realtors seems relatively constrained. Buyer's and their agent's interests appear to be misaligned. I can't think of other examples of fiduciaries where, the more the principle pays, the more the agent is compensated, like on the buy side of a standard realtor agreement. Fixed fee or hourly comp. would eliminate the misalignment, but my sense is it's disfavored in the industry.
Re:A new class-action lawsuit takes aim at real estate agent... by Justin_K on Wednesday March 20, 2019 @12:08AM (#19438884)
This is so meaningless I don't even know how to respond. Banks have the same responsibility and look how they've treated customers.
Re:A new class-action lawsuit takes aim at real estate agent... by TomMckenny on Tuesday March 19, 2019 @07:58PM (#19437468)
In principle.

But do you have an example of that fiduciary responsibility being enforced to any real degree?