agency
OLDCAR
A memory aid for the fiduciary duties an agent owes a principal: Obedience, Loyalty, Disclosure, Confidentiality, Accounting, and Reasonable care (skill and diligence). Exams use it to test whether a licensee's action breaches a duty. State laws may modify these duties, especially for dual agency or transaction brokerage, so the exact duties can vary by state.
- Exam tip
- Learn to match scenarios to duties: mishandled deposits are accounting, revealing a seller's bottom price is confidentiality, and following lawful instructions is obedience.
- Example
- An agent who tells a buyer that the seller will accept $20,000 less than list price has violated the confidentiality duty in OLDCAR.
Related terms & state variants
Sources
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Last verified: 2026-10-23