Agency
The duty of accounting in a Michigan agency relationship requires the agent to:
AKeep detailed records of all financial transactions and maintain trust funds properly✓ Correct
BFile annual tax returns for the principal
CPay all property taxes on behalf of the principal
DProvide quarterly profit reports to LARA
Explanation
The duty of accounting requires the agent to maintain accurate records of all funds received and disbursed on behalf of the principal, and to keep client funds in properly maintained trust accounts.
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