Agency
What is meant by the agent's duty of 'accounting'?
AThe agent must file tax returns for the client
BThe agent must account for and promptly deliver any money or property entrusted to them by the client✓ Correct
CThe agent must provide a monthly financial statement
DThe agent must keep books for the brokerage
Explanation
The duty of accounting requires the agent to properly handle all money or property belonging to the client, keep accurate records, and promptly deliver funds to the appropriate parties. This is why trust accounts are required.
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