What duties does an agent owe to their principal?

An agent owes fiduciary duties to their principal — the highest standard of care recognized in law. The mnemonic OLD-CAR captures the duties: Obedience to lawful instructions; Loyalty (acting in the principal's best interest, not the agent's); Disclosure (sharing all material facts known to the agent); Confidentiality (protecting the principal's private information); Accounting (handling money carefully); and Reasonable care (using skill and diligence). These duties apply whether the agent represents a buyer or a seller. They do not apply to the other party in the transaction — to whom the agent owes only honesty and disclosure of material defects. Dual agency (representing both sides) is allowed in some states with full informed consent of both parties, but compromises some of these duties.