Agency
In South Carolina, what does the acronym 'OLDCAR' represent in describing fiduciary duties?
AObligations, Liens, Disclosures, Commissions, Agreements, Representations
BObedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable care✓ Correct
COffers, Listings, Deeds, Contracts, Assessments, Referrals
DOptions, Leases, Deeds, Covenants, Addenda, Representations
Explanation
OLDCAR is an acronym for the six fiduciary duties owed by an agent to their client: Obedience (follow lawful instructions), Loyalty (client's interest first), Disclosure (disclose material facts), Confidentiality (protect client's private information), Accounting (account for funds), and Reasonable care (use professional skill).
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