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When you engage a Realtor to act on your behalf as a Seller's or Buyer's Agent, a formal agency relationship is established. This relationship is a contract that gives the Realtor a fiduciary duty based on six core principles. These principles follow the OLDCAR acronym.
The National Association of REALTORS® created a great acronym to help real estate agents remember every key point surrounding fiduciary duty called “OLD CAR” – Obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care and diligence. We are going to dive in and discover what each of these means for you!
The acronym that helps us remember best these six duties is: “OLD CAR”, the first letters of each of the six duties spelled out. These six duties you should be able to expect from your realtor: 1.) O – Obedience. – An agent is to promptly and efficiently follow all lawful client requests.
Breaking down the "OLD CAR" real estate acronym outlining a real estate agents' fiduciary duty with Obedience Loyalty Disclosure Confidentiality Accounting Reasonable Skill and Care...
Real estate agents have rules they must follow. But Realtors have additional ethical obligations to their buyers and sellers imposed by the NAR Code of Ethics. These obligations that Realtors have to their clients and each other can be remembered with the mnemonic, OLD CAR.
When it comes to your real estate exam, there are a number of acronyms that you need to be familiar with. One of these is OLDCAR, which stands for Obedience, Loyalty, Disclosure, Confidentiality, Accountability, and Reasonable Care/Diligence.
Fiduciary duty in real estate is often broken down into six categories, commonly referred to as the “OLD CAR” acronym. It stands for: Obedience : You must obey your client’s lawful instructions.