Direct answer
What does Fiduciary mean?
A person who owes duties of trust, loyalty and care to another person within the scope of their relationship.
Exam cue: For New York agency questions, connect loyalty, confidentiality, disclosure, obedience, reasonable care and accounting to the client.
What does it look like in a question?
New York example
A buyer's agent protects the buyer's confidential negotiating position while following lawful instructions.
Common exam trap
What should you not confuse it with?
A fiduciary duty to a client does not permit dishonesty or concealment of a material fact from others.
Related agency terms
Sources used3 references with section locators
The curriculum citation confirms exam scope. Definition and rule citations support the explanation itself. Links and locators were checked on August 26, 2026.
- Real Estate Salesperson 77-Hour CurriculumNew York State Department of StateSupports: Exam scopeSection: Subject 2, Law of Agency
- Real Property Law section 443New York State SenateSupports: New York ruleSection: Definitions, disclosure timing and statutory disclosure forms
- Real Estate License Law, March 2026New York State Department of StateSupports: DefinitionSection: Department of State reference glossary entry for Fiduciary
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Put the term back into its full subject.
A definition helps with recall. The subject guide shows how the rule interacts with documents, scenarios, calculations and practice questions.