Agency
An agent's duty of 'accounting' requires the agent to:
AFile the client's taxes annually
BKeep accurate records of and properly handle all funds and property entrusted by the client✓ Correct
CProvide annual financial statements to the DOS
DAccount for all commissions earned in writing
Explanation
The fiduciary duty of accounting requires the agent to maintain accurate records, properly handle all client funds and property, and provide a full accounting of any money received or disbursed on the client's behalf.
Related New York Agency Questions
- In New York, 'transaction brokerage' (non-agency facilitation) is:
- Under New York law, 'dual agency' exists when:
- A New York buyer's agent who represents a buyer offering on a listing where the agent's own brokerage has the listing must ensure:
- In New York, a listing broker is showing their own company's listing to a buyer who is also represented by an agent in the same office. The brokerage is acting as:
- In New York, which of the following best describes the duty of 'obedience' in a fiduciary relationship?
- In New York, 'informed consent' to a dual agency arrangement must be obtained:
- Which of the following is NOT a fiduciary duty owed by an agent to their principal in New York?
- Under New York Real Property Law § 443, what happens if a buyer refuses to sign the agency disclosure form?
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