A New York broker's fiduciary duties include all EXCEPT:
Question & Answer
Review the question and all answer choices
Loyalty
correct answer. Loyalty is a core fiduciary duty requiring brokers to prioritize their client's interests above all others, including their own. This means avoiding conflicts of interest and putting the client's needs first.
Full disclosure
correct answer. Full disclosure is essential, requiring brokers to reveal all material facts about the property or transaction that could affect the client's decision-making process.
Guaranteeing sale price
Confidentiality
correct answer. Confidentiality is a critical fiduciary duty requiring brokers to protect sensitive client information, such as motivations for selling or maximum offering price.
Why is this correct?
C is correct because brokers cannot guarantee outcomes such as sale prices. Fiduciary duties require brokers to act in their clients' best interests through loyalty, disclosure, and confidentiality, but they cannot control market conditions or guarantee results.
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