Agency
In Florida, the duty of 'accounting' in an agency relationship means:
APreparing annual financial statements for the client
BProperly handling all funds and property entrusted to the agent✓ Correct
CFiling tax returns on behalf of the client
DMaintaining a CPA license
Explanation
The duty of accounting requires the agent to properly handle and account for all funds, documents, and property entrusted to them by the principal. This includes maintaining proper escrow records, not commingling funds, and promptly reporting on receipt of funds.
Related Florida Agency Questions
- Under Florida law, a broker acting as a transaction broker is NOT required to disclose which of the following to the buyer?
- A Florida licensee who represents only the seller in a transaction is acting as a:
- In Florida, 'dual agency' (where one broker represents both buyer and seller) is:
- Under Florida's Brokerage Relationship Disclosure Act, the default brokerage relationship (when no written agreement exists) is:
- In Florida, which of the following is NOT among the duties owed by a transaction broker?
- A Florida real estate licensee is showing a property to a buyer customer (no buyer representation agreement). The buyer asks the licensee, 'How low do you think the seller will go?' The licensee should:
- A Florida REALTOR® member is bound by the NAR Code of Ethics in addition to Florida license law. The Code of Ethics is enforced by:
- A Florida listing broker receives two offers simultaneously — one full price and one below list. The broker must:
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →