AgencyIntermediateAlaska Exam

Which of the following is NOT a fiduciary duty owed by an agent to a principal?

ALoyalty

BObedience

CFull disclosure to all third partiesCorrect

DCare and diligence, as a general rule

Why Full disclosure to all third parties Is Correct

Answer C: Full disclosure to all third parties

The fiduciary duties owed to a principal include loyalty, obedience, care/diligence, accounting, and confidentiality (OLDAC). 'Full disclosure to all third parties' is not among them — in fact, the duty of confidentiality often prevents disclosing client information to third parties.

Exam Tip: Agency

Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.

Key Agency Terms in This Question

Fiduciary Duty

The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.

Lien

A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.

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Key Terms to Know

Fiduciary Duty

The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.

Lien

A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.

Buyer's Agent

A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.

Seller's Agent (Listing Agent)

A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.

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