The duties of an agent are spelled out in the standard agency agreement. In the state of Utah, the Buyer Broker Agreement (for buyers) and the Exclusive Right to Sell (for sellers) outline the duties of an agent and the protections you have as a client.
The agent’s duties include “fiduciary duties to the [client] that include loyalty, obedience, full disclosure, confidentiality, and reasonable care…”
“Fiduciary” is a college word for “acting in good faith for the interests of another”, which is a pretty good summary of what agents do. But let’s break it down a little more:
Loyalty. Your agent will put your interests above their own.
Obedience. Any lawful instruction you direct, your agent is obliged to follow. Agents provide recommendations, but you make the final decision.
Full Disclosure. Your agent will disclose anything that could influence your transactional decisions.
Confidentiality. Your agent cannot disclose sensitive information about your transaction to anyone. This may include the reason you’re buying / selling, maximum or minimum price, etc.
Reasonable Care. Your agent must exercise reasonable care in conducting the transaction. This involves being aware of risks and notifying you of those risks.