Agency
In Alaska, an agent's duty to 'account' means the agent must:
AFile the client's tax returns
BSafeguard and promptly account for all funds and property entrusted to the agent✓ Correct
CProvide a market analysis every 30 days
DReport all offers to the Alaska Real Estate Commission
Explanation
The duty to account requires the agent to keep client funds safe, maintain accurate records, and report on all money and documents handled on the client's behalf.
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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.
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