Agency
An agent's duty to 'account' for funds and property means the agent must:
AProvide a monthly financial statement to the client
BKeep accurate records of and promptly deliver all money and property received on behalf of the client✓ Correct
CFile a tax return on the client's behalf for any income earned
DKeep all client funds in a personal savings account
Explanation
The duty to account requires an agent to promptly and accurately account for all money, documents, or other property received on behalf of the client, and to not commingle such property with the agent's own.
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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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