Explanation:
The legal duties which a person needs to fulfill as a real estate agent or broker is known as the fiduciary duties. Fiduciary duties are acted upon in the best interest of the client.
OLDCAR is the fiduciary duties acronym for that a real estate agent needs to maintain. They are as follows
Obedience: They need to obey instructions and be legal and follow ethical practices.
Loyalty: In competing offer situations agents should be loyal to their customers.
Disclosure: material facts have to be disclosed to the client.
Confidentiality:Personal information of client should not be shared without his consent.
Accountability : accurate reporting has to be given.
Reasonable care : special care should be given for the client.
