What does the acronym 'OLDCAR' stand for in relation to fiduciary duties?

The acronym 'OLDCAR' relates to the fiduciary duties that agents owe to their clients in real estate transactions. In this context, each letter represents a fundamental duty that is critical to maintaining the trust and responsibility associated with the agent-client relationship.

The elements encapsulated in 'OLDCAR' are:

• Obedience: This duty requires agents to follow all lawful instructions of their clients, as long as these instructions do not violate any laws or ethical standards.

• Loyalty: The agent must act in the best interests of the client, putting the client’s interests ahead of their own or those of others.

• Disclosure: Agents have a duty to disclose all relevant information to their clients that might influence their decisions in the transaction.

• Confidentiality: This duty means that an agent must keep the client’s personal information private and not disclose it to others without permission, even after the relationship has ended.

• Accounting: Agents must keep accurate records of all funds and property related to the transaction, ensuring that the client’s assets are handled properly.

• Reasonable care: This refers to the responsibility of agents to perform their duties with a certain level of skill and diligence that is