Answer: Fred
Step-by-step explanation:
Here in this real estate transaction there are three parties they are Fred, Nancy and Harold. Fred is the agent of Harold and Harold is the principle while Nancy is the third party. Here one can see that there is a fiduciary trust placed by Harold on Fred.
In fiduciary trust the assets are held by Fred on behalf of the beneficiary Harold. Fred has to act in the best interest of Harold as he his managing Harold's asset.