What are the three main duties required in all brokerage relationships?

The three main duties required in all brokerage relationships form the foundation of ethical real estate practice and focus on the obligations brokers owe to their clients. The correct answer emphasizes key responsibilities that promote trust and transparency in the transaction process.

The duty to account for funds ensures that any money or property handled during the brokerage relationship is managed correctly and transparently. This includes the proper handling of earnest money deposits, commissions, and other financial aspects.

The obligation to deal honestly and fairly is essential in maintaining ethical standards and trust in the relationship between the broker and their clients. It requires brokers to be truthful in their dealings and to act in the best interests of their clients, avoiding deceit or misrepresentation.

Finally, the duty of disclosure of known facts mandates that brokers inform their clients of any material facts that could affect their decisions. This includes disclosing issues such as property defects or other relevant information. This duty protects clients from making uninformed decisions and ensures full transparency in the transaction process.

Together, these responsibilities create a framework for professional conduct that aids in protecting the interests of clients while fostering confidence in the brokerage profession.