Under New Jersey agency law, which fiduciary duty requires a real estate licensee to place the client's interests above the interests of all other parties, including the licensee's own interests?
Correct Answer
B) Loyalty
The duty of loyalty requires a New Jersey licensee acting as an agent to place the client's interests above those of all other parties, including the licensee's own financial interests. This is the cornerstone fiduciary duty under New Jersey agency law and the New Jersey Real Estate License Act, N.J.S.A. 45:15-1 et seq.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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