Fiduciary responsibility law comes into play in a number of contexts. At its most basic definition, a fiduciary responsibility is a duty of reasonableness, due care, and loyalty owed to another person or entity, as created by some sort of legal relationship. Common situations in which a fiduciary relationship might exist are in the administration of a trust, the operations of a bank's trust department, or the actions of a corporation's board of directors. However, fiduciary relationships also routinely exist in the financial sector, real estate transactions, and the purchasing and selling of insurance policies. The principal in each of these types of relationships owes a fiduciary duty to the beneficiary of the relationship, or the person and/or entity whom the relationship is meant to benefit. In addition to the basic duties of care and loyalty, a principal in a fiduciary relationship must also exercise care to avoid conflicts of interest, or even the appearance of conflicts of interest, as well as any personal gain derived from his or her duties as a principal.