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Fiduciary
vs. Functionary
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The Issue
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| Today,
there is a critical debate going on in the real estate
industry. It is about the roles the real estate agent,
the real estate company, and the Internet will play in
the "future vision" of the real estate transaction.
At issue is who will be the fiduciary and who will be
the functionary. |
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What is the
difference between a Fiduciary and a Functionary?
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FIDUCIARY
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FUNCTIONARY
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1. High level
2. High relationship
3. Accepts high responsibility
4. Advises and consults
5. Owns the result
6. Anticipates needs and interprets data
7. High skill
8. Uses expert judgment and intuition
9. Maximum legal responsibility
10. Involved in decision-making
11. Irreplaceable
12. Highly paid |
1. Low level
2. Low relationship
3. Assumes low responsibility
4. Delivers information and directions
5. Does the task
6. Responds to needs and processes data
7. Low skill
8. Follows rules and procedures
9. Minimum legal responsibility
10. Not involved in decision-making
11. Valuable and replaceable
12. Minimally paid |
| As
a real estate agent, which do you wish to be? A Fiduciary or
a Functionary? |
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