Which of the following is an example of commingling?A. A

Ch. 4: Fiduciary Duties Flashcards

obedience (OLD CAR)the obligation of an agent to carry out the legal and ethical instructions of their clientone of the fiduciary duties an agent owes the principalThe duty of obedience does not apply, however, if the principal's instructions are illegal or unethical in any way.disclosure (OLD CAR)the act of revealing critical information regarding agency relationships or material facts related to real estate transactions, sometimes as a matter of lawone of the fiduciary duties an agent owes to the principal Which of the following is an example of commingling?A. A license holder using a principal's funds for an approved marketing decision.B. A broker collecting a commission upon completion of a sale.C. A license holder interacting with third parties without disclosing representation.D. An agent storing a principal's title fee funds in the agent's personal bank account.D.reasonable care (OLD CAR)the level of care and competency expected of license holdersone of the fiduciary duties an agent owes the principal fiduciary dutiesthe full sum of obligations owed to the client in an agency relationship that ensure that the agent always acts in the best interest of the client; includes the duties of obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care loyalty (OLD CAR)an agent's duty to put the client's interests first, including over those of the agentone of the fiduciary duties an agent owes the principal accounting (OLD CAR)an agent's duty to account for all funds and/or property a client has entrusted to them during their agency relationshipone of the fiduciary duties an agent owes the principal that extends beyond termination of the agency relationship confidentiality (OLD CAR)the obligation of an agent to safeguard the private information of their clientone of the fiduciary duties an agent owes the principal that extends beyond termination of the agency relationship