Agency
What is the duty of 'accounting' owed by a Nevada agent to their principal?
AFiling annual tax returns on behalf of the client
BProperly safeguarding and promptly accounting for all funds and property received on behalf of the principal✓ Correct
CProviding monthly profit and loss statements
DReporting all transaction details to NRED
Explanation
The fiduciary duty of accounting requires the Nevada agent to properly handle, account for, and promptly turn over all money and property belonging to the principal, maintaining accurate records of all funds received.
Related Nevada Agency Questions
- What is a Nevada buyer's agent required to disclose to their buyer client about the listed property?
- A Nevada listing broker and their seller-client mutually agree to terminate the listing agreement before its expiration. What is this called?
- What is the law of agency's 'equal dignity rule' in Nevada and how does it apply to real estate?
- What is a 'ready, willing, and able' buyer in Nevada real estate?
- A Nevada licensee who represents both the buyer and seller in the same transaction without proper disclosure is guilty of:
- What is 'agency coupled with an interest' in Nevada and why is it significant?
- What is a 'split commission' arrangement in Nevada and how does it work?
- What is the difference between an exclusive right to sell listing and an exclusive agency listing in Nevada?
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →