Agency
In Tennessee, the fiduciary duty of 'accounting' requires an agent to:
AProvide the client with tax advice
BProperly account for all funds and property received on behalf of the client✓ Correct
CKeep accounting records for the state
DFile annual financial reports with TREC
Explanation
The duty of accounting requires the agent to account for all money and property received on behalf of the client — maintaining trust accounts, providing receipts, and reporting on all financial matters related to the agency.
Related Tennessee Agency Questions
- In Tennessee, a buyer's agent who represents the buyer during a transaction owes ALL of the following duties EXCEPT:
- Which of the following is an example of 'puffing' rather than a material misrepresentation?
- A seller's agent in Tennessee MUST disclose to a buyer:
- A Tennessee licensee representing a seller discovers that the seller committed fraud in a previous real estate transaction. The licensee should:
- An agent's duty of 'accounting' requires the agent to:
- In a Tennessee transaction where one licensee in a firm represents the buyer and another represents the seller, this is called:
- Under Tennessee license law, a real estate team's designated team leader must be:
- In Tennessee, a buyer's agent must disclose to the buyer all known material facts about the property, including:
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