Agent’s good faith and fairness requirement
- Buying an apartment in Israel
- The real estate broker
The Realtors Law is technical and procedural, but Section 8 also sets a professional-values threshold for the agent that determines his commitment to the client. The section states this:
(A) A property agent will act faithfully, reasonably, and in an acceptable way and will provide his client with any information he has regarding a substantial estate relating to the property tied to the brokerage transaction.
(B) In the fulfilling of his duties, a property agent will act skillfully and reasonably and will take appropriate measures in the circumstances of the poor Y.N for material information relating to the property married to the brokerage transaction.
What is loyalty? An agent’s fiduciary duty to his client stems from the Agent Law, Contracts Law (general part), and other laws. It applies wherever one is given power and control over others.
The trust also undertakes from Section 8 of the Submission Law, which states that the sender must act faithfully towards the sender and that the obligations specified in Sections 1 and 5 apply to him.
The list of situations in which trust exists is not closed, and they live in a “wide range of legal relationships.”