BC Real Estate Trading Services Licensing Exam Practice · Question
What is meant by 'fiduciary duty' in the context of a real estate agent-client relationship?
Fiduciary duty is a legal obligation for an agent to act in the best interests of their principal (client), including duties of loyalty, confidentiality, obedie
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Question: What is meant by 'fiduciary duty' in the context of a real estate agent-client relationship?
Answer options:
- The agent is only responsible for executing the client's instructions.
- The agent must always prioritize their own interests over the client's. ✅ The agent must act in the best interests of the client, exercising utmost loyalty and confidentiality.
- The agent is an independent contractor with limited obligations to the client.
Correct answer: The agent must act in the best interests of the client, exercising utmost loyalty and confidentiality.
Explanation: Fiduciary duty is a legal obligation for an agent to act in the best interests of their principal (client), including duties of loyalty, confidentiality, obedience, disclosure, accounting, and reasonable care and skill.
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Question explanations
- A developer, Grandview Developments Ltd., plans to build a new condominium project in Kelowna. They register a
- Michael, a real estate licensee, is assisting his client Jane in purchasing a commercial property at 123 Main
- A buyer, David, has entered into a Contract of Purchase and Sale for a vacant lot in Tofino. David's lawyer di
- Maria is purchasing a unit in a newly constructed strata building in Squamish. Her real estate licensee, Ken,
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