Fiduciary Duty: Definition
What is fiduciary duty? The legal obligation of a real estate agent to act in their client's best interest. In Ohio, an agent's fiduciary duties include loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care. These duties are established under Ohio agency law (ORC 4735).
Fiduciary Duty
The legal obligation of a real estate agent to act in their client's best interest. In Ohio, an agent's fiduciary duties include loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care. These duties are established under Ohio agency law (ORC 4735).
Key Points
- •Six duties: loyalty, obedience, disclosure, confidentiality, accounting, reasonable care
- •Owed to the agent's client (not to all parties in a transaction)
- •Reduced in dual agency situations (ORC 4735.70)
- •Agent must disclose all material facts that could affect the transaction
Related Terms
This content is for informational and educational purposes only. It does not constitute legal or real estate advice specific to your transaction or situation. Ohio real estate transactions involve legal and contractual obligations. Consult a licensed Ohio real estate professional and a qualified Ohio attorney before making any real estate decision. Sommer Ronk is licensed in Ohio with Coldwell Banker Realty, Ohio License #2019002887.