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Agency relationships are a key concept on the Real Estate Licensing Exam. For you to represent any party in a real estate transaction, you must establish an agency relationship. A true agency relationship has additional duties called “fiduciary duties” that are often required by law. As an agent, you can be held liable for violating these duties or not performing them as required.
To help you remember them, use the acronym OLDCAR: Obedience, Loyalty, Disclosure, Confidentiality, Accounting, and Reasonable Care.
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