Agency
The fiduciary duty of accounting in West Virginia requires a real estate agent to:
AProvide the client with a detailed accounting of all funds and property held on their behalf✓ Correct
BFile annual tax returns for real estate transactions
CProvide a profit-and-loss statement to the client
DOnly report commissions earned to the WVREC
Explanation
The duty of accounting (or accountability) requires the agent to properly handle, report, and account for all client funds and property. The agent must never commingle client funds and must provide an accurate accounting of all transactions.
Related West Virginia Agency Questions
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