Reference no: EM133232087
Case: California real estate regulations impose substantial consumer protection obligations upon the broker. Brokers ostensibly exist in part to protect buyers and sellers from being taken advantage of.
Yet it is possible for the broker to misbehave and take advantage. For this reason, there are protective statutes against what the State of California calls "self-dealing."
Relationships effecting financial gain must be fully disclosed. Personal liability applies if this duty is violated. Brokers who are usually well meaning and honest nevertheless encounter temptation to think of themselves before their clients. Intelligent Buyers and sellers should at least be alert to this and they should carefully monitor all actions of the real estate agent and realize that the economic basis of their relationship may put them at odds in advising benefits or detriments from a proposed sale.
Realtors may know the market and have good knowledge of transaction mechanics: but as to whether it makes good economic sense to buy or sell a particular property, be sure to understand that an agent's own economic self-interest may color their advice, consciously or unconsciously.
Realtors do not get paid for deals that do not culminate. To expect a realtor to advise when to abandon pursuit of a transaction is to expect a realtor to advise against his or her own economic interest. Realtors are supposed to do exactly that because their relationship to their client is fiduciary.
What conditions might cause a realtor to advise abandoning a transaction that is in progress? Who has a story, or can find a story of a realtor advising their client to abort a pending close due to something coming up while in escrow?
What instances can you find where an agent put themselves first much to the harm of their buyer or seller?
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