The acronym OLD CAR is commonly used to remember fiduciary duties. Which of the following correctly identifies the duties represented by OLD CAR?
Correct Answer
A) Obedience, Loyalty, Disclosure, Confidentiality, Accountability, Reasonable care
OLD CAR stands for Obedience, Loyalty, Disclosure, Confidentiality, Accountability, and Reasonable care, the six traditional fiduciary duties owed by an agent to a client.
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A client instructs the listing agent to refuse all showings to members of a particular religion. Should the agent follow this instruction?
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A listing agent notices that a comparable property nearby just sold for $40,000 less than expected, which could affect the client's pricing decision. The agent promptly informs the client. Which TWO fiduciary duties does this action demonstrate?