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Ch1-2 Fiduciary Duty

Fiduciary Duty defintions

TermDefinition
Care A licensee must use their skill and expertise to the advantage of their principal.
Loyalty Requires an agent to place the interests of their principal above all others, including the agent's own.
Accounting Able to account for all funds received from or on behalf of the principal.
Commingling The misdeposit of trust funds into any account that is not a designated trust fund.
Conversion The misuse of trust funds by converting the funds of the client to personal use.
Obedience Requires agents to act in good faith, at all times, according to the instructions and wishes of the principal, within legal limits.
Disclosure Requires the agent to keep the principal informed of all material facts that the agent knows or should know that might impact the principal's choosing of a particular course of action, regardless of being favorable or unfavorable.
Fiduciary Involving trust, especially with regard to the relationship between a trustee and a beneficiary.
Created by: userjoe