Agency
Which of the following is a fiduciary duty owed by a Vermont agent to their client?
AProviding the client with a market analysis for free
BLoyalty — putting the client's interests above all others, including the agent's own✓ Correct
CRequiring all offers to be submitted in writing
DDisclosing the agency relationship only at closing
Explanation
Loyalty is a core fiduciary duty requiring the agent to act in the client's best interest above all others, including the agent's own financial interests. Other fiduciary duties include obedience, disclosure, confidentiality, accounting, and reasonable care.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
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