What are fiduciary duties?

Fiduciary duties are defined as the obligations to act in the best interest of another party, typically in a relationship where trust and confidence are paramount. In the context of property management, agents or managers have a fiduciary duty to their clients (property owners) to manage their interests with the utmost care, loyalty, and honesty.

These duties encompass various responsibilities, such as disclosing relevant information, avoiding conflicts of interest, and ensuring that the decisions made benefit the client. This ethical responsibility is crucial in maintaining trust and ensuring that property owners feel secure in the management of their assets.

While the other options touch on aspects of property management duties, they do not accurately encapsulate the essence of fiduciary duties. For instance, protecting a client's profits, increasing property value, or providing legal representation are important tasks and responsibilities within the scope of property management but are specific actions rather than the broader concept of fiduciary duty, which is fundamentally about prioritizing the interests of the client above all else.