What term describes an individual who is trusted to act on behalf of another in a fiduciary relationship?

The term that describes an individual who is trusted to act on behalf of another in a fiduciary relationship is 'Agent.' An agent is a person who represents another individual (the principal) and has the authority to make decisions and take actions on their behalf. This is a core concept in real estate and other business transactions, where the agent has responsibilities to act in the best interest of the principal, maintaining loyalty and confidentiality.

A fiduciary is indeed someone who has a duty to act in the best interests of another party, but that term encompasses the broader concept, including various roles such as agents and trustees. The principal is the person who grants that authority to the agent. A trustee is someone who manages assets for the benefit of another under a trust agreement, which is a more specific role within fiduciary relationships.

Understanding the definition and role of an agent within a fiduciary relationship is crucial for anyone in real estate, as it lays the foundation for ethical practices and legal obligations in representing clients.