C — Confidentiality: survives closing — never reveal motivation/price limits
Before you read
Test yourself first: 5 questions
Question 1 of 5
A buyer shown homes by the seller's agent, with no representation agreement, is the agent's:
Answer: B. Without a representation agreement the buyer is a customer (owed honesty and fairness), not a client (owed fiduciary duties).
Question 2 of 5
A subagent of the listing broker owes fiduciary duties to:
Answer: B. A subagent works through the listing broker and owes fiduciary duties to that broker's client — the seller.
Question 3 of 5
Even toward a customer (a non-client), a licensee must always be:
Answer: A. Fiduciary duties are owed to clients, but honesty, fairness, and disclosure of known material facts are owed to everyone, including customers.
Question 4 of 5
A buyer's agent who shows the buyer a property owes fiduciary duties to:
Answer: A. A buyer's agent represents and owes fiduciary duties to the buyer; the seller is a customer in that relationship.
Question 5 of 5
A signed buyer-representation agreement creates:
Answer: A. A buyer-rep agreement makes the buyer a client, so the agent owes them full fiduciary duties.
Keep the streak going with more questions like these, each with a full rationale.
Must-know rules
- O — Obedience: follow LAWFUL instructions only
- L — Loyalty: client's interest above everyone's, including your own
- D — Disclosure: tell the client every material fact you know
- C — Confidentiality: survives closing — never reveal motivation/price limits
- A — Accounting: safeguard money & documents; no commingling
- R — Reasonable care: competence & diligence; know your limits
Fiduciary Duties — OLD CAR: FAQs
Is Fiduciary Duties — OLD CAR on the real estate exam?
Yes. Agency & Fiduciary Duties is a scored domain on the real estate licensing exam, and this topic appears in the national portion.
Is this cheat sheet free?
Yes — every page on Cinna RE's resource library is free to read, print and share. The app adds practice questions, mock exams and a readiness score.
