standard of care(redirected from Economic SOC)
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standard of care
The duties and responsibilities expected of people by virtue of their status, their relationship with another person, or the situation in which they find themselves.Real estate licensing boards establish standards of care for their members regarding duties of honesty, integrity, disclosure, and professionalism. A property owner may have differing standards of care relative to persons on his or her property, depending on whether those persons are licensees, invitees,or trespassers.