To serve the public it is necessary for the real estate licensee to understand and be able to explain agency laws to clients and customers. After studying this book the reader will be able to: Differentiate between clients and customers Name the duties an agent owes to a customer. Name and define fiduciary duties an agent owes to a client. Avoid disclosure and misrepresentation. Identify stigmatized properties. Understand Listing Agreements and Buyer Representation Agreements Know the rules to act as an Intermediary.