Agency
In Alaska, an agent's duty of 'accounting' requires the agent to:
AMaintain bookkeeping records for all brokerage transactions
BAccount for all funds and property received from or on behalf of the client✓ Correct
CFile annual financial reports with the Commission
DPrepare tax returns for the client
Explanation
The duty of accounting requires an agent to provide a proper accounting of all funds and property received on behalf of the client, to hold those funds in proper accounts, and to deliver funds and property promptly when due. This includes trust account records and timely reporting to clients.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
State-Specific Concepts
Trust Account Rules
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