A New York broker's fiduciary duties include all EXCEPT:
Question & Answer
Review the question and all answer choices
Loyalty
Loyalty is a core fiduciary duty requiring the broker to place the client's interests above all others, including the broker's own financial interests, and is explicitly recognized under New York agency law β making it an incorrect answer to a question asking what is NOT a fiduciary duty.
Full disclosure
Full disclosure is a recognized fiduciary duty requiring the broker to disclose all material facts known to them that could affect the client's decisions, including conflicts of interest, and is codified in New York's agency disclosure requirements under Real Property Law Section 443 β making it an incorrect answer here.
Guaranteeing sale price
Confidentiality
Confidentiality is a fiduciary duty requiring the broker to protect sensitive client information β such as the client's motivation to sell quickly or their maximum offer price β from being disclosed to adverse parties, and is a fundamental component of the OLD CAR framework taught in New York pre-licensing education.
Why is this correct?
Under New York Real Property Law and the principles established by the New York Department of State's licensing regulations, a broker's fiduciary duties are limited to loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting β collectively known by the acronym OLD CAR. Guaranteeing a sale price is not a fiduciary duty because it would constitute a promise about a future market outcome, which no agent can legally or ethically make, and doing so could constitute fraudulent misrepresentation under New York General Business Law.
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