Fiduciary Expertise Attorney Licence Competency

By
Services for Real Estate Pros with The Real Estate Investment Institute 1retiredsage

 

Fiduciary, expertise, attorney, licence, competency are all related, but not interchangeable. It never fails to surprise me how confusing the term "fiduciary" can be.

Many perhaps most think fiduciary requires "Expertise"

 

in many diverse areas. In fact you don't have to be an expert at anything to be a great fiduciary. An expert is someone with a great deal of knowledge about a particular and necessarily small subject. The smaller the subject the greater the potential expertise! Seldom does a fiduciary have the luxury of working in an area small enough to be fully covered by his personal expertise.

I’m over 60, with over 40 years in lending and real estate, I am indeed an expert in only one subject. If you'll check the glossary of any of my books you'll find I'm listed as the worlds greatest expert on the opinions of William J Archambault Jr! On other subjects I just hope to be well informed.

 

Because an "attorney at law" is always a fiduciary some think that being a fiduciary includes the power of attorney, they're wrong. Some people believe only an attorney or a real estate agent can be a fiduciary, they're wrong.

 

I have been honored/burdened to be "attorney in fact" as part of my fiduciary duties for selected clients over the years. "Attorney in fact" and "attorney at law" are all fiduciaries, but all fiduciaries are not attorneys! "Attorney in fact" and "attorney at law" are not the same although an "attorney at law" is the most common "attorney in fact."

 

All REALTORS® are real estate people, but all real estate people are not REALTORS®. Licenced real estate people used to be fiduciaries of the seller, then came agency, a choice and they could be fiduciaries of the buyer, too. Now days some honestly refute all fiduciary responsibility.

 

For the record, I'm not an "attorney at law!"

 

 

 

 

 

Competency,

fiduciary requires total competency! Competency does not require expertise! You don't need to know all the answers to be competent! Competency requires you to know the questions!

Competency

requires you to ask the questions, and analyze the answers, from relevant experts.

Fiduciary

is a contractual duty to a client! Fiduciary can be established in writing, orally, or legislatively.

 

Fiduciary

is a duty, an honor, a privilege and a burden!

Fiduciary competent fiduciary is the reason a client trust you.

Fiduciary, Expertise, Attorney, Licence and Competency above all else requires you to become an expert on the needs and capabilities of your client.

Posted by

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org      Cell 832-259-7078,      Houston 832-582-8415,       Las vegas 702-516-1569

     http://www.reii.org  Back Cover One House At A Time http:www//reii.orghttp://www.flippingforfunandprofit.info/ http://www.billarchambault.com   

From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.

http://www.reii.org

©William J Archambault Jr   ©The Real Estate Investment Institute   ©REII

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
America's Best Agents
Real Estate Coach
Real Estate Rookie
Silent Majority
The Ninety-ninth Percentile
Tags:
fiduciary
expertise
attorney
licence
competency

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the computer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Ambassador
1,867,179
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

William, I know enough to get by, and I have heard arguments that Loan Originators do and do not have a fiduciary responsibility.  Whether I do or do not, my Borrowers are treated as if I do.

Feb 08, 2012 09:34 PM #1
Rainmaker
591,126
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

George,

I'm not going to get into that debate. Brian Brady and I spent a year debating the issue back in '06 and '07.

Bill

Feb 08, 2012 10:10 PM #2
Show All Comments
Rainmaker
591,126

William J. Archambault, Jr.

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the envelope to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information