Illinois Leasing Agent Practice Exam

Which of the following is NOT a duty of a fiduciary?

1. Loyalty

2. Care

3. Competitiveness

4. Accountability

The correct answer is: Competitiveness

A fiduciary is an individual who is entrusted with the responsibility to act in the best interests of another party, typically in a legal or financial context. The primary duties of a fiduciary include loyalty, care, and accountability. Loyalty requires the fiduciary to prioritize the interests of the client above their own, avoiding any conflicts of interest. Care involves acting with a high degree of diligence and prudence when making decisions on behalf of the client, ensuring that their actions are in the best interest of the person they serve. Accountability entails maintaining transparency and being responsible for their actions and decisions, providing a clear account to the client of how their interests are being managed. Competitiveness, however, is not considered a duty of a fiduciary. While competitiveness might be an advantage in various business contexts, it does not align with the fundamental principles of fiduciary duty, which emphasize trust, loyalty, and acting solely in the client's best interests, rather than promoting one's own competitive advantages.