Agency
What is a 'fiduciary' and what makes the real estate agency relationship a fiduciary relationship in Delaware?
AA fiduciary is any professional who charges fees for services
BA fiduciary is someone in a position of trust and confidence; the real estate agency relationship is fiduciary because the agent holds the client's interests above their own and owes duties of loyalty, confidentiality, disclosure, obedience, and care✓ Correct
CA fiduciary is only a licensed attorney or CPA
DA fiduciary relationship requires a formal court appointment
Explanation
A fiduciary relationship is one of exceptional trust and confidence. An agent's fiduciary duties to their client include: loyalty (putting client's interests first), confidentiality (protecting client's information), disclosure (informing client of material facts), obedience (following lawful instructions), and reasonable care and diligence. Delaware's real estate agency law codifies these duties.
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