Mississippi Real Estate Commission

G. “Fiduciary Responsibilities”

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  1. “Fiduciary Responsibilities” are those duties due the principal (client) in a real estate transaction are:
  • ‘Loyalty’ – the agent must put the interests of the principal above the interests of the agent or any third party.
  • ‘Obedience’ – the agent agrees to obey any lawful instruction from the principal in the execution of the transaction that is the subject of the agency.
  • ‘Disclosure’ – the agent must disclose to the principal any information the agent becomes aware of in connection with the agency.
  • ‘Confidentiality’ – the agent must keep private information provided by the principal and information which would give a customer an advantage over the principal strictly confidential, unless the agent has the principal’s permission to disclose the information.  This duty lives on after the agency relationship is terminated.
  • ‘Reasonable skill, care and diligence’ – the agent must perform all duties with the care and diligence which may be reasonably expected of someone undertaking such duties.
  • ‘Full accounting’ – the agent must provide a full accounting of any money or goods coming into the agent’s possession which belong to the principal or other parties.
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