Agency
A North Dakota agent's duty of 'accounting' in a fiduciary relationship means:
AThe agent must be a certified accountant
BThe agent must accurately report all money and property received on behalf of the client✓ Correct
CThe agent must provide annual tax returns to the client
DThe agent must audit the seller's financial statements
Explanation
The fiduciary duty of accounting requires the agent to account for all funds, documents, and property entrusted to them by the client. The agent must maintain accurate records and promptly report on the status of all client funds and documents.
Related North Dakota Agency Questions
- A North Dakota buyer hires a buyer's broker. Midway through searching for properties, the buyer falls in love with a property listed by the buyer's broker's firm. The best solution to avoid dual agency is:
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