The Duties: The "VIP" Treatment

When you become a Single Agent, you owe your Principal all the basic duties (Honesty, Accounting, Disclosing Facts, Skill/Care), plus four special "fiduciary" duties that set this relationship apart. We remember these using the acronym C.O.L.D.C - Confidentiality: You must keep your Principal's secrets forever. If your seller tells you, "I'm asking $900,000, but I'd take $800,000 because I'm desperate," you can never tell the buyer that. You take that secret to the grave.O - Obedience: You must obey your Principal’s instructions, as long as they are legal. If they tell you to reject an offer that you think is great, you have to reject it. They are the boss.L - Loyalty: This is the big one. You must fight for them. You must try to get the highest price for the seller or the lowest price for the buyer. You cannot prioritize your commission or a friend's interest over theirs.D - Disclosure (Full): You must tell your Principal everything you know that might help them. If you hear a rumor that the buyer is willing to pay more, you have a duty to tell your seller immediately.