Maine Real Estate License Practice Exam

Which fiduciary duties of the agent are specified in Maine law?

1. Loyalty, reasonable care, disclosure, obedience, diligence, accounting, confidentiality

2. Reasonable care, environmental disclosures only, lawful obedience, diligence, loyalty, accounting

3. Confidentiality, accounting, undue diligence, full disclosure of all material facts, loyalty, obedience, care

4. Reasonable care, obedience, loyalty, diligence, disclosure, confidentiality

The correct answer is: Loyalty, reasonable care, disclosure, obedience, diligence, accounting, confidentiality

Maine law specifies the fiduciary duties of an agent as loyalty, reasonable care, disclosure, obedience, diligence, accounting, and confidentiality. These duties are essential in maintaining a trustworthy relationship between the agent and their client. Loyalty is critical as the agent must prioritize the interests of their client above all else. Reasonable care requires the agent to act with a standard level of competence and attentiveness in the execution of their responsibilities. Disclosure involves the agent being transparent about relevant information that could affect the client's decisions. Obedience pertains to the agent following the client's lawful instructions, while diligence reflects the agent's commitment to act promptly and effectively on behalf of their client. Accounting ensures that the agent properly manages and reports on the client’s funds. Confidentiality requires the agent to keep sensitive client information private. These specific fiduciary duties ensure a professional and ethical relationship in real estate transactions, which is why this answer accurately reflects Maine's legal requirements for real estate agents.