Agency
What is the duty of accounting in real estate agency?
AProviding tax advice to clients
BProperly handling, tracking, and reporting all funds held on behalf of clients✓ Correct
CMaintaining accounting records for tax purposes
DDisclosing commissions to all parties
Explanation
The duty of accounting requires agents to maintain accurate records of all funds received on behalf of clients, promptly deposit funds in appropriate accounts, and provide accounting as requested.
People Also Study
Related Ohio Questions
- Ohio's agency disclosure law requires that a licensee provide the Agency Disclosure Statement:Agency
- Under Ohio agency law, the duty of 'obedience' requires the agent to:Agency
- Under Ohio agency law, the duty to 'account' requires the agent to:Agency
- In Ohio, which document must a licensee provide to a consumer to explain agency relationships?Agency
Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
Math Concepts
Study This Topic
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →