Agency
What is the difference between a fiduciary and a non-fiduciary relationship in real estate?
AAll real estate relationships are fiduciary
BA fiduciary owes the highest duty of loyalty and care; a non-fiduciary (with customers) owes honest dealing and reasonable care✓ Correct
CFiduciary relationships are only for commercial transactions
DNon-fiduciary relationships have no obligations
Explanation
A fiduciary relationship (with clients) requires the highest level of loyalty, confidentiality, obedience, care, disclosure, and accounting. A non-fiduciary relationship (with customers) requires honest dealing, reasonable care, and material fact disclosure, but not full fiduciary duties.
People Also Study
Related Ohio Questions
- The duty of 'reasonable care and diligence' requires an Ohio agent to:Agency
- What is a material fact in real estate disclosure?Contracts
- What are the minimum duties Ohio licensees owe ALL parties (clients and customers)?Agency
- Ohio's agency disclosure law requires that a licensee provide the Agency Disclosure Statement:Agency
- Which fiduciary duty requires an agent to place the client's interests above the agent's own personal interests?Agency
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.
Study This Topic
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →