Agency
What is 'account' as a fiduciary duty and how does it apply to Hawaii real estate agents?
AA. The agent's duty to provide the principal with regular MLS reports
BB. The agent's duty to report all money, property, or other items received on behalf of the principal and to promptly pay or deliver them as directed✓ Correct
CC. The duty to maintain accurate accounting records for tax purposes
DD. The agent's responsibility to account for all showing appointments
Explanation
The duty to account requires an agent to properly handle, report, and remit all funds, property, or other items received on behalf of the principal. For real estate agents, this means properly holding earnest money in trust, accounting for all funds received, and promptly delivering proceeds or property as directed by the principal.
Related Hawaii Agency Questions
- The fiduciary duty of 'accounting' requires a Hawaii licensee to:
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- A seller's agent discovers a material defect in the property that the seller has not disclosed. The agent's duty requires them to:
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- In Hawaii, a listing agent who uses the seller's personal financial information (learned during the agency) to negotiate a better price for a buyer after the listing expires is:
- Which Hawaii disclosure form must be provided to consumers at the first substantive contact with a real estate licensee?
- In Hawaii, an agency relationship is terminated in all of the following ways EXCEPT:
- What is 'customer versus client' in Hawaii real estate agency relationships?
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