What do agents need to consider regarding the liabilities they hold?

Agents must understand their legal responsibilities to clients and third parties because these obligations are fundamental to maintaining ethical and professional standards in real estate practice. In Nova Scotia, as in many jurisdictions, real estate agents are expected to adhere to fiduciary duties, which include loyalty, disclosure, confidentiality, and accountability. These responsibilities ensure that agents act in the best interests of their clients while also recognizing the rights and considerations of third parties involved in transactions.

Failure to comprehend these legal responsibilities can lead to significant liabilities, including potential legal action if a client or third party believes they have been wronged or misrepresented. This understanding helps agents navigate complex scenarios, comply with regulatory requirements, and ultimately build trust with clients. By acknowledging and addressing these liabilities, agents can protect themselves professionally and reduce the risks associated with their work.