Final answer:
A license holder's fiduciary duties are owed to the seller they are representing. This means they must act with loyalty, confidentiality, and utmost good faith in the seller's best interest, despite needing to be fair to all parties involved.
Step-by-step explanation:
When a license holder takes a listing, their fiduciary duties are owed primarily to the seller, who they are representing. This is because the license holder has entered into a contractual relationship with the seller, creating an obligation to act in the seller's best interests.
These duties include loyalty, confidentiality, obedience, accountability, and disclosure. It's important to understand that while the license holder must be fair to all parties involved, the fiduciary responsibility to the client (seller) goes above and beyond general fairness and includes a duty of fidelity, meaning that the agent must act with utmost good faith and loyalty towards the seller.