Leasing License Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Leasing License Test using our comprehensive flashcards and multiple-choice questions. Each question includes hints and explanations to enhance your learning experience. Excel in your examination!

Practice this question and more.

What does "COLAN" stand for regarding fiduciary duties?

Code of Legal and Agency Norms
Chair of Legal Activities and Negotiations
Duties of the fiduciary
Conditions of Ownership and Legal Accountability

The correct answer is: Duties of the fiduciary

The term "COLAN" refers to a mnemonic that is commonly used to help remember the various duties that a fiduciary, such as an agent, owes to their principal. It stands for the "Duties of the fiduciary," which are fundamental principles in agency law. These duties typically include loyalty, disclosure, obedience, confidentiality, accounting, and reasonable care. Understanding these duties is essential for anyone involved in leasing or real estate transactions, as they outline the ethical and legal responsibilities that parties must adhere to in their relationships. The use of "COLAN" serves as a useful tool for remembering these important fiduciary obligations, ensuring that agents conduct themselves in a manner that upholds the trust placed in them by their clients.