Agency
A Texas real estate agent's duty of 'accounting' requires the agent to:
AFile the client's tax returns
BPromptly account for all client funds and property received, keeping accurate records✓ Correct
CPrepare audited financial statements of the transaction
DReport all transactions to TREC annually
Explanation
The duty of accounting requires an agent to properly handle and account for all client funds (earnest money, rent, deposits) and property received during the course of the representation. The agent must keep accurate records and promptly deliver funds or property to the client.
Related Texas Agency Questions
- Under Texas law, which document most clearly establishes an exclusive buyer-agency relationship?
- In Texas, when a real estate agent acts as an 'intermediary' and does NOT appoint associated license holders to work with each party, the intermediary broker is limited to performing what actions?
- Under Texas law, an agent's duty of loyalty means the agent must:
- Under Texas law, a 'gratuitous agent' is someone who:
- When a Texas agent acts as an intermediary and appoints an associated license holder to work with the buyer, that appointed associate may:
- In concluding a Texas real estate transaction as a buyer's agent, the agent should ensure all of the following are completed EXCEPT:
- In a Texas real estate transaction, the doctrine of 'ratification' of an unauthorized agent act occurs when:
- The duty of confidentiality in a Texas agency relationship requires an agent to:
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