Agency
The duty of accounting owed by a Utah agent to their client means:
AProviding an audit of the client's personal finances
BAccounting for all funds and property received from or on behalf of the client✓ Correct
CPreparing tax returns for the client
DSubmitting commission receipts to the Division of Real Estate
Explanation
The duty of accounting requires the agent to properly handle, track, and report all funds and property received on the client's behalf, including earnest money, security deposits, and rent.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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