Final answer:
The relationship between a real estate professional and the person being represented is based on fiduciary duties and legal obligations. The real estate professional represents and acts in the best interests of the person they are representing, whether it is a buyer or seller.
Step-by-step explanation:
The relationship between a real estate professional and the person being represented is based on their legal obligations and responsibilities towards each other. A real estate professional, such as a real estate agent or broker, is hired to represent and act in the best interests of the person they are representing, who is usually a buyer or seller of property.
This relationship is governed by fiduciary duties, meaning that the real estate professional is legally obligated to act in good faith, loyalty, confidentiality, and in the best interests of their client. They must provide accurate and honest information, protect their client's confidential information, and negotiate on their behalf in real estate transactions.
For example, if a real estate professional is representing a seller, they would work to market the property, find potential buyers, negotiate offers, and guide the seller through the selling process. On the other hand, if they are representing a buyer, they would help the buyer find suitable properties, negotiate purchase agreements, and assist with the closing process