Agency & LawPregunta 34 de 120
The duty of 'accounting' in an agency relationship requires the agent to:
a.Prepare the client's income tax returns
b.Properly handle and report on money and property entrusted to them, such as earnest money
c.Personally guarantee the loan
d.Set the listing price
Explicación
Accounting means the agent must safeguard and accurately report all funds and documents belonging to the client or third parties, such as earnest money. Commingling client funds with the broker's own operating account is prohibited.
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Preguntas relacionadas de este tema
- When a broker acts as an intermediary and appoints one associated agent to the buyer and another to the seller, this is commonly called:
- A seller instructs the listing agent to conceal a known foundation problem from prospective buyers. The agent should:
- Confidential information the agent learns about the principal, such as the seller's willingness to accept less than list price, must generally be:
- Placing client or earnest money funds into a broker's personal or general business account instead of a proper trust or escrow account is called:
- A listing agreement that gives one broker the right to sell but allows the seller to sell on their own without owing a commission is a(n):
- Under an 'exclusive right to sell' listing, the broker earns a commission:
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