License Law & AgencyQuestion 27 of 100
The fiduciary duties an agent owes a principal can be remembered by the acronym OLD CAR. The 'C' stands for:
a.Compensation
b.Contract
c.Compliance
d.Confidentiality
Explanation
OLD CAR stands for Obedience, Loyalty, Disclosure, Confidentiality, Accountability, and Reasonable care. Confidentiality requires keeping the principal's private information secret, even after the relationship ends. These duties define the agent's fiduciary relationship with the principal.
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