Property Management Licensing Practice Exam · Question
What is 'fiduciary duty' in property management?
Fiduciary duty is a legal obligation to act in the best interest of another party. For a property manager, this means acting with honesty, loyalty, and utmost g
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Question: What is 'fiduciary duty' in property management?
Answer options:
- A duty to provide plumbing and electrical services. ✅ A duty to handle the client's money and interests with utmost loyalty and good faith.
- A duty to lease out the property within a specific timeframe.
- A duty to only invest in properties that promise high returns.
Correct answer: A duty to handle the client's money and interests with utmost loyalty and good faith.
Explanation: Fiduciary duty is a legal obligation to act in the best interest of another party. For a property manager, this means acting with honesty, loyalty, and utmost good faith when handling the client's property and financial matters.
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