How “agency” protects consumers

A consumer who is not represented by an agent/broker is a “customer” to whom the agent broker is required to be exercise reasonable care and skill, be honest and fair, and disclose material facts about a property.

When a buyer or seller (or landlord or tentant), agree in writing to have an agent/broker represent them, a new relationship – called “agency,” has been created.

CT Law on Ethical Service

The broker/agent is also required to abide by six moral, ethical, and legally mandated duties & obligations to the client. They are:

• Care. An agent must use knowledge, experience, and oversight on a client’s behalf.

• Obedience. The agent is obligated to act in good faith at all times. And to obey a clients’ instructions, unless those instructions are unethical or illegal.

• Loyalty. Agents must put the clients” interest above all others, including their own. All conflicts of interest must be avoided.

• Disclosure. The agent must keep the client informed of all facts or information that could affect a transaction.

• Accounting. The agent must be able to report the status of all funds from - or on behalf of - the client.

• Confidentiality. An agent may not disclose information about a clients financial condition, motivation to buy or sell, or any other personal information that could compromise a clients’ best interests.