Agency
Which of the following is NOT a fiduciary duty owed by an agent to their client?
ALoyalty
BDisclosure
CProfit maximization for the agent✓ Correct
DObedience
Explanation
Profit maximization for the agent is never a fiduciary duty. The fiduciary duties are loyalty, disclosure, obedience, confidentiality, reasonable care, and accounting.
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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.
LienA 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 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.
Math Concepts
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