Agency
The duty of accounting requires the agent to:
APrepare tax returns for the principal
BKeep careful records of and account for all funds and property entrusted to them✓ Correct
CAudit the principal's personal finances
DCharge market-rate commissions only
Explanation
The duty of accounting requires the agent to maintain careful records of all money, documents, and property received in connection with the agency and to provide an accurate accounting to the principal upon request.
Related Arkansas Agency Questions
- A buyer's agent accepts a referral fee from a home inspector. This is:
- A transaction broker (non-agent facilitator) in Arkansas owes clients which level of duty?
- Stigmatized property refers to a property that:
- A licensee who assists a buyer in a transaction but does not represent them is most accurately described as a:
- A buyer's agent is showing homes to a buyer who has told the agent they are being transferred and must move in 60 days. When negotiating, the agent should:
- An agent who signs a document on behalf of their principal without authority is liable as:
- AREC requires agency disclosure in Arkansas to be made to prospective buyers and sellers. The primary purpose of agency disclosure is to:
- Which action by an agent would constitute a breach of the duty of loyalty?
Practice More Arkansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Arkansas Quiz →