Agency
The duty of 'accounting' in a Kentucky agency relationship means the agent must:
AProvide the client with a certified public accountant for tax advice
BAccount for all funds and property received on behalf of the client✓ Correct
CSubmit monthly financial reports to KREC
DPay for any losses the client incurs
Explanation
The duty of accounting requires the agent to account for all money and property received in connection with the agency relationship and to keep accurate records of all transactions.
Related Kentucky Agency Questions
- A Kentucky agent's fiduciary duty requires them to act in the client's best interest rather than their own. If an agent earns a higher commission by steering a buyer to a more expensive property, the agent may be in violation of the duty of:
- A Kentucky buyer's agent who shows a property should do all of the following EXCEPT:
- In Kentucky, when a buyer's agent and listing agent discover they work for the same brokerage, they must:
- In a Kentucky transaction, a licensee who provides services to both parties without representing either as a fiduciary is acting as a:
- A Kentucky buyer's agent has a fiduciary duty to maintain confidentiality. This means the agent must NOT disclose to the seller that the buyer:
- Kentucky law requires agency disclosure to be made to a buyer by the listing agent:
- A Kentucky buyer's agent who also owns a property the buyer wants to purchase must:
- In Kentucky, a seller who misrepresents the condition of their property to the buyer may be liable to:
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