Agency
The fiduciary duty of 'accounting' requires a real estate agent to:
AProvide the client with tax advice on the transaction
BKeep accurate records and promptly account for all funds received on behalf of the client✓ Correct
CPrepare a CPA-reviewed financial statement for the transaction
DProvide monthly balance sheets of the trust account to all clients
Explanation
The fiduciary duty of accounting (also called care of funds) requires the agent to promptly and accurately account for all money and property received from or on behalf of the client. This includes proper handling of earnest money and providing accounting records when requested.
Related Alaska Agency Questions
- In Alaska, an agent who acts as both a listing agent and property manager for the same property owner has a duty to:
- An Alaska salesperson shows a buyer a property that the salesperson's brokerage has listed. Without a designated agency arrangement, this creates:
- An agency relationship is most commonly created by:
- Under an 'exclusive agency' listing in Alaska, the seller:
- Under Alaska law, a listing agent is required to present all offers regardless of:
- In Alaska, an agent's authority to bind the principal (client) is limited to the scope of the:
- A listing agent in Alaska has a duty to disclose to the seller all EXCEPT:
- Under Alaska agency law, when must a licensee provide the agency disclosure to a potential buyer?
Practice More Alaska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →