Agency
The term 'fiduciary' comes from the Latin word for:
AFinance
BTrust✓ Correct
CLaw
DAgency
Explanation
Fiduciary comes from the Latin 'fiducia' meaning trust. A fiduciary is a person who holds a position of trust and must act in the beneficiary's best interests.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA 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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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