Agency
Which of the following is an example of an agent's duty of accounting?
AProviding the client with a comparative market analysis
BKeeping accurate records of all funds received on behalf of the client✓ Correct
CAccounting for the number of showings the property received
DFiling the client's income tax returns
Explanation
The duty of accounting requires the agent to keep accurate records of all funds (earnest money, deposits, rents) received on behalf of the client and to disburse them properly.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
LienA 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.
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