Agency
The 'duty to account' in a real estate agency means the agent must:
APrepare annual financial statements for the client
BPromptly account for all money and property received on behalf of the principal✓ Correct
CAccount for all hours spent working for the client
DProvide the principal with a commission accounting before listing
Explanation
The duty to account requires agents to promptly and accurately account for all funds, documents, and property received or disbursed on behalf of the principal.
Related Alabama Agency Questions
- Which of the following is an example of a licensee's duty of 'diligence' to their client?
- In Alabama, which type of agency relationship is created when a broker represents both buyer and seller with written consent?
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- In Alabama, a real estate agent acting as a dual agent must:
- In Alabama, a 'facilitator' (also known as a transaction broker) owes which of the following duties?
- A buyer's agent who learns confidential information about the buyer (such as the maximum price they are willing to pay) must:
- Which of the following describes a 'net listing' in Alabama?
- An Alabama agent who receives offers on a listing is required to present them:
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