Agency
In Rhode Island, what is the 'duty to account' owed by an agent to their principal?
AThe agent must provide accounting services to the client
BThe agent must keep accurate records of all money and property received on behalf of the client and promptly account for or deliver it✓ Correct
CThe agent must file tax returns on behalf of the client
DThe agent must account for all client referrals
Explanation
The duty to account requires an agent to keep accurate records of all funds and property received on behalf of the client and to promptly deliver or account for those funds. It underlies the requirement to maintain separate escrow accounts.
Related Rhode Island Agency Questions
- What is a 'safety clause' (or 'extender clause') in a Rhode Island listing agreement?
- In Rhode Island, an agent's duty of 'confidentiality' means the agent must NOT disclose which of the following?
- When does a listing broker's agency relationship with a seller begin?
- Which of the following best describes 'express agency' in Rhode Island real estate?
- Agency can be terminated by all of the following EXCEPT:
- A Rhode Island licensee working as a transaction broker (facilitator) owes which duty to both parties?
- Under Rhode Island law, 'informed consent' for dual agency must be:
- A Rhode Island agent has a client relationship with a buyer and is showing a property listed by the same agent's broker. This creates:
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →