BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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duty of obedience
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duty of confidentiality
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duty of accounting
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duty of management
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Detailed explanation-1: -Loyalty. 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.
Detailed explanation-2: -What are the duties of an agent? Agents generally have the following duties to the principal: Loyalty, Care, Obedience, and Accounting.
Detailed explanation-3: - Indemnification: Subject to the terms of the agency agreement, the principal has a duty to compensate, or indemnify, the agent for liabilities arising from the agent’s lawful and authorized acts on the principal’s behalf.
Detailed explanation-4: -Because the principal has trusted the agent to supervise or protect the principal’s property, the agent owes a fiduciary duty to the principal. This means the agent is obligated to act in the best interests of the principal.