Title: Define fiduciary relationship and the duties included therein.
Course: Real Estate (12154) > Section: Describing Brokerage and Agency Contract Responsibilities

Description should address the responsibilities of the broker and the responsibilities of the agent and the difference between the fiduciary and the principal.

Description also should include an explanation of the following acronym: COLD-AC (care, obedience, loyalty, disclosure, accounting, and confidentiality).

DPOR correlations: 18VAC135-20-400. 15 (Brokerage and agency contract responsibilities); 18VAC135-20-400. 25 (Real estate board regulations)

Process/Skill Questions:

- How is a fiduciary relationship created?
- What is a fiduciary duty?
- Why is the fiduciary relationship important in real estate transactions?
- What might be an exception in the fiduciary relationship?
- What types of information about the client is an agent required to keep confidential?
- What are some of the duties of clients to their agents?