In real estate as in many other business's, acronym's abound. The Fiduciary duty's owed to our clients are learned through an acronym pronounced Elsie Dora. It's really LCDORA. As quickly as we learn it, most of us forget it. After all, how often is it a client will turn to you and ask "What are the fiduciary duties owed to me?" Well, it's never happened to me. These fiduciary duties are really at the heart of our service to our clients, so I thought I'd pass them on. The very first document that's presented to a client in any real estate transaction is the agency disclosure which outlines the various relationships & representations available, and "Elsie Dora" is meant to be prominent in that discussion. So here's Elsie in all her glory.
L - Loyalty: I will act only in my clients best interest.
C - Confidentiality: I will keep my client's confiences unless required by law to disclose specific information, ie, material facts.
D - Disclosure: I will disclose to my client all material facts.
O - Obedience: I will carry out all my clients lawful instructions.
R - Reasonable Care: I will use reasonable care in performing my duties as a real estate agent.
A - Accounting: I will account to my client's for all the client's money and property received as an agent.
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