Where a real estate agent or adviser with a pre-existing relationship of trust and confidence proposes the sale of property in which the adviser has an interest, mere disclosure of that interest does not discharge fiduciary obligations. The fiduciary must make full disclosure of all material facts (including the property's sale history and failed marketing attempts), obtain the best terms for the client, and ensure the client has independent advice. A valuation forwarded as the basis for a sale at valuation may constitute misleading and deceptive conduct under s 52 of the Trade Practices Act if the valuation lacks any adequate foundation, even if the person forwarding it acts in good faith.
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