Response
Ability.
As a Broker, the first tenet is Fiduciary Responsibility.
fiduciary
1) n. from the Latin fiducia, meaning "trust,"
a person (or a business like a bank or stock brokerage) who has
the power and obligation to act for another (often called the
beneficiary) under circumstances which require total trust,
good faith and honesty. The most common is a trustee of a
trust, but fiduciaries can include business advisers, attorneys,
guardians, administrators of estates, real estate agents,
bankers, stockbrokers, title companies or anyone who undertakes to
assist someone who places complete confidence and trust
in that person or company. Characteristically, the fiduciary has
greater knowledge and expertise about the matters being handled.
A fiduciary is held to a standard of conduct and trust above
that of a stranger or of a casual business person. He/she/it
must avoid "self-dealing" or "conflicts of
interests" in which the potential benefit to the fiduciary
is in conflict with what is best for the person who trusts
him/her/it. For example, a stockbroker must consider the best
investment for the client and not buy or sell on the basis of
what brings him/her the highest commission. While a fiduciary
and the beneficiary may join together in a business venture or a
purchase of property, the best interest of the beneficiary must
be primary, and absolute candor is required of the fiduciary. 2)
adj. defining a situation or relationship
in which a person is acting as a fiduciary for another.
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