True or False: In a fiduciary relationship, the auctioneer must prioritize the welfare of their client over their own interests.

In a fiduciary relationship, the auctioneer holds a position of trust and is obligated to act in the best interests of their client. This means that the auctioneer must prioritize the welfare of their client above their own interests at all times. A fiduciary relationship is characterized by a legal or ethical obligation to act in the client's best interests, creating a duty of loyalty and care.

Thus, when the auctioneer promotes the client's needs or objectives over their own personal gain, they uphold the principles that govern fiduciary duty. This is essential not only for maintaining trust and a positive reputation in the industry but also for legal compliance and ethical standards. By prioritizing the client’s interests, the auctioneer reinforces this foundational aspect of the fiduciary relationship, ensuring that they fulfill their obligations with integrity.