Under South Carolina law, which of the following best describes the fiduciary duties owed by a South Carolina seller's agent to the seller client?
Correct Answer
A) Loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting
South Carolina law recognizes the full set of traditional fiduciary duties owed by an agent to a client: loyalty (putting the client's interests first), confidentiality (protecting client information), disclosure (revealing material information to the client), obedience (following lawful instructions), reasonable care and diligence, and accounting (handling client funds properly). These duties apply to seller's agents under SC agency law as codified in S.C. Code Ann. § 40-57-350.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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