When you work with a real estate agent you are his customer. When a real estate agent works for you, you are his client. A real estate agent can only work for a buyer if they are a single agent. Exclusive Buyer Agents (EBA) are the only type of buyer agent that work as single agents. According to Florida law, a single agent can never represent both the buyer and the seller at the same time. A single agency relationship is a fiduciary relationship. A fiduciary relationship is one of trust and complete confidence between the agent and a client. By law, confidentially is owed to the client, not the customer, so any information that a buyer confides to his EBA will be kept completely confidential. An Exclusive Buyer Agent works for his client, so the buyer can be confident that information will never be disclosed without their permission, and can never be used to their disadvantage in a real estate transaction.
“A fiduciary duty is the highest standard of care at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom he owes the duty (the "principal"): he must not put his personal interests before the duty, and must not profit from his position as a fiduciary, unless the principal consents. The word itself comes originally from the Latin fides, meaning faith, and fiduciary, trust.”
When you work with an Exclusive Buyer Agent you will be in fiduciary relationship. By law your fiduciary representative (EBA) will owe you:
• The duty of loyalty
• Complete Confidentially
• Full disclosure
• Complete accounting for all funds
• Fairness and honesty
Exclusive Buyer Agents work as single agents, only single agents can provide fiduciary representation.