Agency
The duty of accounting in a real estate agency relationship requires the agent to:
AProvide a complete financial analysis for every property shown
BKeep accurate records and account for all money and property received on behalf of the client✓ Correct
CSubmit transaction records to the Division of Real Estate
DPrepare a HUD-1 settlement statement for every transaction
Explanation
The duty of accounting requires the agent to maintain accurate records of all money and property received or disbursed on the client's behalf and to provide an accounting when requested.
Related Utah Agency Questions
- A Utah agent who represents both buyer and seller in the same transaction without full written consent is engaged in:
- In Utah, a buyer's agent owes which of the following duties to the seller?
- In Utah, the agency relationship between a broker and client is most effectively created by:
- Puffing in real estate refers to:
- A Utah agent who represents both the landlord and the prospective tenant in a commercial lease transaction is engaged in:
- In Utah, when must a licensee provide a buyer with the required agency disclosure?
- When a Utah licensee provides real estate services without a written agency agreement, the agency relationship that may be implied is called:
- Designated agency in Utah means:
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