BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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fiduciary duties
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duty of loyalty
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duty of obedience
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duty of reasonable care and skill
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Detailed explanation-1: -Fiduciary duty in real estate requires realtors to act in the best interests of their clients. This includes disclosing any conflicts of interest and negotiating in good faith. Fiduciary duty in real estate consists of six parts: obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care.
Detailed explanation-2: -The agent owes the principal two categories of duties: fiduciary and general. The fiduciary duty is the duty to act always in the interest of the principal; the duty here includes that to avoid self-dealing and to preserve confidential information.
Detailed explanation-3: -A duty of loyalty is one of the most fundamental fiduciary duties owed by an agent to his principal. This duty obligates a real estate broker to act at all times solely in the best interests of his principal to the exclusion of all other interests, including the broker’s own self-interest.