Agency
The duty of 'accounting' in a real estate agency relationship requires the agent to:
AFile quarterly tax returns for the client
BKeep track of and properly handle all money and property entrusted to the agent✓ Correct
CProvide a monthly market report to the client
DMaintain a CPA-audited bookkeeping system
Explanation
The fiduciary duty of accounting requires agents to safeguard all client funds and property, provide an accounting of those funds upon request, and ensure that monies are properly deposited and disbursed.
Related Alabama Agency Questions
- An Alabama real estate agent's primary obligation when serving a buyer client is to:
- In Alabama, when must a licensee disclose their agency relationship to a prospective buyer?
- An agency relationship can be terminated by which of the following?
- Which fiduciary duty requires an Alabama agent to put the client's interests above their own?
- In Alabama, the listing broker's duty to present all offers to the seller means:
- Which fiduciary duty requires an agent to keep the principal's information private from third parties?
- An agent accidentally creates an agency through their conduct without a written agreement. This is called:
- A subagent is BEST described as:
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