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Buyer's Brokers and the Duty of Loyalty
What obligations does a buyer's broker have to different clients interested in purchasing the same property? When faced with that question in Rivkin v. Century 21 Teran Realty LLC, the Second Circuit certified the question to the New York Court of Appeals. The Court of Appeals addressed the issues last April (10 N.Y.3d 344), and the Second Circuit closed the book on the case in July (535 F.3d 105). Rivkin answered at least one significant question surrounding the obligations of a buyer's broker, but the Court of Appeals opinion raised new questions whose resolution will await future litigation (or legislation).
Defining Obligations
Real estate brokers of every sort act as intermediaries between sellers and buyers. Historically, courts have looked to the law of agency to define the obligations of brokers, and the law of agency incorporates fiduciary duties, including the duty of loyalty. Fleshing out the content of fiduciary duties in the real estate broker context, however, presents a challenge. Real estate brokers do not have a single principal; they are agents for many different principals, creating significant potential for conflict.
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