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Undivided Loyalty -
The
agent is prohibited from advancing any interests adverse to the
principal's interest or conducting the principal's business in
such a way as to benefit a customer, a subagent, the agent or
any other party to the detriment of the principal's
interest. That is, the principal's interests are held
above all others.
Obedience - The
agent is required to act, following and abiding all lawful
instructions, subject to the principal's continuous control, but
not exceeding the scope of authority conferred by the
principal. That is, don't make decisions for the
principal.
Reasonable
care and diligence - The
agent is required to protect the principal from foreseeable
risks of harm, recommending that the principal obtain expert
advice or assistance when the principal's needs are outside the
scope of the agent's expertise.
Confidentiality
- The
agent is prohibited from communicating personal information
about the principal that was given to or acquired by the agent
within the scope of employment as an agent to the
principal. Personal information must be kept confidential
unless the client releases the agent from this duty.
Full
Disclosure - The
agent is required to disclose affirmatively and honestly all
information concerning the transaction (and property) which
might affect the decisions a principal makes, informing the
principal what the agent knows.
Accounting - The agent is required to promptly report to the
principal all money and property received and paid out, and upon
request, to tender an account of these actions. This duty
also requires the agent to safeguard money or property held on
behalf of the principal.
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