Agency B: Terms

Question 1

Code of Ethics

Answer 1

Standards for ethical conduct which have been systematized for a group of professionals

Question 2

Duty of Confidentiality

Answer 2

The fiduciary obligation to not disclose information to unrepresented parties that would weaken the principal’s negotiating position

Question 3

Duty of Disclosure

Answer 3

Licensees must disclose their status as licensees acting under an agency agreement in the first contact with a prospective tenant or tenants’ agent.

Question 4

Duty of Reasonable Care & Diligence

Answer 4

The fiduciary duty to provide reasonable action and care to advance the priorities of the principal

Question 5

Fiduciary

Answer 5

The word which describes the responsibility of an agent toward the principal, involving trust, loyalty, confidence, care and diligence.

Question 6

Rule of Loyalty

Answer 6

The duty to act solely in the best interest of the principal, instead of all other interests, including the agent’s personal interest or the customer’s interest.