Agency
An agent's duty of 'accounting' requires the agent to:
APrepare tax returns for the client
BKeep accurate records of all funds and property received on behalf of the client✓ Correct
CAudit the seller's financial statements
DProvide the client with monthly brokerage financial reports
Explanation
The duty of accounting requires an agent to keep careful records of all client funds and property entrusted to them, and to provide an accurate accounting when requested.
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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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