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Real Estate

fiduciary duties

admin 2024.07.13 20:53 Views : 124

These traditional common-law fiduciary duties that an agent owes their principal are:

  1. Accounting: The duty to keep accurate records of all transactions and finances related to the principal's affairs.

  2. Care: The duty to act with the skill, care, and diligence that a reasonable person would use under similar circumstances.

  3. Confidentiality: The duty to keep all information confidential that the principal designates as such, or that is naturally confidential, and not to disclose it without proper authorization.

  4. Obedience: The duty to follow all lawful instructions given by the principal in the agency agreement.

  5. Loyalty: The duty to act solely in the best interests of the principal and to avoid conflicts of interest.

  6. Disclosure: The duty to disclose all relevant information to the principal that could affect their decision-making process.

These duties are fundamental to the agency relationship and help ensure that the agent acts in the best interests of their principal at all times.

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