Which of the following is true regarding the status of an agent as a fiduciary?
A) Although the principal is a fiduciary, an agent is not a fiduciary.
B) An agent is a fiduciary only if the principal and agent agreed by written contract that the agent is a fiduciary.
C) An agent is a fiduciary only if the principal and agent agreed by written or oral contract that the agent is a fiduciary.
D) An agent is only a fiduciary to the principal only if a transaction in excess of $10,000 is involved.
E) An agent is a fiduciary to the principal.

Question

Quizplus · Accepted Answer

An agent is considered a fiduciary to the principal, which means the agent has a legal obligation to act in the principal's best interest. This status does not depend on the existence of a written or oral contract specifying the fiduciary nature, nor does it depend on the value of a transaction.

Which of the Following Is True Regarding the Status of an Agent