Rhode Island Real Estate Sales License Practice Exam

A property manager's fiduciary duties encompass a range of responsibilities that are essential for maintaining trust and a professional relationship with the property owner. The key fiduciary duties include care, obedience, and confidentiality.

Care refers to the property manager's responsibility to act in the best interests of the property owner, using diligence and skill to manage the property effectively. This includes making informed decisions regarding maintenance, finances, and tenant relations.

Obedience signifies the property manager's duty to follow the lawful instructions of the property owner. This requires the manager to adhere to the owner's wishes regarding property management, as long as these instructions comply with legal standards.

Confidentiality is a crucial duty that requires the property manager to keep sensitive information about the property owner and the property itself private. This duty protects the owner's interests and ensures trust in the professional relationship.

Marketing, while an important aspect of property management, is not classified as a fiduciary duty. It is more of a function or task that the property manager undertakes to attract tenants or buyers but does not fall under the strict obligations of care, obedience, and confidentiality that define fiduciary responsibilities.