Agency
An agent's duty to account means:
AFiling tax returns for the client
BSafeguarding and accounting for all money and property entrusted to them✓ Correct
CProviding a market analysis after the sale
DReporting all offers to the DRE
Explanation
The duty to account requires agents to maintain records and promptly account for any money or property received on the client's behalf, including deposits, rents, and personal property.
Related California Agency Questions
- An agent who acts beyond the scope of their authority may be liable for:
- In a transaction where both the buyer and seller are represented by agents from the same brokerage, this is called:
- A seller's agent has a fiduciary duty of loyalty. This means the agent must:
- Which of the following would NOT terminate an agency relationship?
- Under California's agency law, a 'designated agent' refers to:
- An agent who creates the impression of being someone's agent through conduct, even without an express agreement, has created what type of agency?
- An agent who locates a ready, willing, and able buyer for a property, but who was never authorized by the seller, may still claim a commission under what legal theory?
- When does a real estate salesperson owe duties to someone who is NOT their client?
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