Agency
A buyer's agent in Wyoming owes the duty of 'accounting' to their client. This means the agent must:
APrepare an annual tax return for the client
BAccount for all funds and documents received on behalf of the client✓ Correct
CProvide a profit-and-loss statement for the transaction
DHire a CPA for each real estate transaction
Explanation
The duty of accounting requires an agent to account for all money, documents, and property received in the course of the agency relationship, and to promptly deliver them to the appropriate parties.
Related Wyoming Agency Questions
- Under Wyoming law, when must a real estate agent disclose their agency relationship to a potential client?
- When a Wyoming real estate agent represents a buyer in a transaction, which of the following information should the agent NOT share with the seller?
- A Wyoming seller hires a broker under an exclusive agency listing. The seller then finds a buyer themselves. In this case:
- Under Wyoming law, a real estate licensee must disclose their agency status to all parties:
- Under Wyoming agency law, a subagent is:
- A Wyoming listing agent who learns the seller is in financial distress and must sell quickly should:
- A Wyoming real estate agent working as a transaction broker owes the parties:
- In Wyoming, a 'buyer representation agreement' establishes:
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