Illinois Leasing Agent Practice Exam 2025 - Free Leasing Agent License Practice Questions and Study Guide

The acronym COLAN stands for Care, Obedience, Loyalty, Accountability, and Notice, which encapsulates the core fiduciary duties that a leasing agent or real estate professional must uphold in their relationships with clients. Each component of this acronym represents a fundamental principle that guides ethical and professional conduct:

- Care refers to the agent's duty to act with competence and diligence, ensuring that they fulfill their responsibilities with the appropriate skill and attention.

- Obedience entails following the lawful instructions of the client, remaining compliant with their wishes within the boundaries of the law.

- Loyalty emphasizes the need to prioritize the interests of the client above all else, avoiding conflicts of interest and ensuring that the client's trust is not violated.

- Accountability involves maintaining transparency and being responsible for actions taken on behalf of the client, including financial matters and other transactions.

- Notice means keeping clients informed about important developments and changes that may affect their interests.

This comprehensive understanding of fiduciary duties is crucial for leasing agents to build trust and maintain ethical standards in their practice. This makes the first choice the correct one, as it accurately encompasses the essential responsibilities required of a fiduciary in the context of leasing and real estate transactions. The other choices do not align with these established fiduciary duties and