Agency
What does 'accounting' as an agent's duty mean in Idaho?
AProviding the client with tax advice
BKeeping track of and reporting all money received on behalf of the client✓ Correct
CPreparing financial statements for investment properties
DVerifying the title company's closing figures
Explanation
The duty of accounting requires an agent to properly account for all money and property received on behalf of the client, maintain accurate records, and promptly remit funds to whom they belong.
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Key Terms to Know
Lien
A 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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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