Agency
The fiduciary duty of 'accounting' in a Maine agency relationship requires the agent to:
APrepare financial statements for the client
BAccount for all funds and property received on behalf of the client✓ Correct
CPay the client's property taxes
DManage the client's investment portfolio
Explanation
The duty of accounting requires the agent to keep careful records of and account for all money and property received on behalf of the client — including earnest money and deposits.
Related Maine Agency Questions
- A Maine real estate brokerage may represent both the buyer and seller as a dual agent only if:
- Under Maine law, a real estate agent 'facilitating' a transaction (as a transaction broker) is different from a 'dual agent' primarily because:
- A Maine licensee who 'pads' a property description with false statistics (like exaggerating the lot size by 20%) is guilty of:
- Maine licensees who wish to advertise as 'buyer specialists' or 'buyer's agents' must ensure their advertising:
- Maine law allows a listing broker to offer compensation to cooperating buyer's agents. This offer of compensation must be made through:
- Maine law allows a listing broker to sign a disclosure form on behalf of a seller in which circumstance?
- A Maine buyer's agent who fails to investigate the property's condition or research comparable sales before helping their buyer make an offer may be in violation of their duty of:
- Maine's 'Understanding Agency' (Consumer Information Statement) explains to consumers that a buyer's agent owes the buyer:
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