What is the fiduciary obligation of a real estate agent?

It is well settled "that any broker acts in a fiduciary capacity and owes an affirmative duty of disclosure to his [or her] principal." (Fisher v. Losey (1947) 78 Cal.App.2d 121, 125.) "The law imposes on a real estate agent 'the same obligation of undivided service and loyalty that it imposes on a trustee in favor of his [or her] beneficiary.' [Citations.] This relationship not only imposes upon him [or her] the duty of acting in the highest good faith towards his [or her] principal but precludes the agent from obtaining any advantage over the principal in any transaction had by virtue of his [or her] agency. [Citation.] 'Such an agent is charged with the duty of fullest disclosure of all material facts concerning the transaction that might affect the principal's decision.

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