Question

A fiduciary relationship is formed 1) Between a buyer and seller of real estate. 2) Between...

A fiduciary relationship is formed

1)

 Between a buyer and seller of real estate.

2)

 Between a prospect offering to purchase a listing and a broker.

3)

 When good conscience requires one to act at all times for the sole benefit and interest of another.

4)

 None of the above.
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Answer #1

A fudiciary relationship is formed when good conscience requires one to act at all time for the sole benefit & interest of another. (3 is the correct answer) . In a fudiciary relation, two parties are involved that is the principal & agent. Here, the agent is in a fudiciary position to act onbehalf of his principal in utmost good faith and with adequate prudence. There should not be any conflict of interest. Example: In a father son relationship father acts in a fudiciary position on behalf of his son & carries out activities that benefits the son.

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