Under California law, the duty of 'accounting' requires a real estate agent to:
Correct Answer
D) Properly handle, safeguard, and account for money and property received for the principal
The fiduciary duty of accounting requires the agent to properly handle, safeguard, and provide an accurate account of all money, documents, and property received on behalf of the principal. This includes earnest money deposits, rental income, and any other funds received in the course of the agency relationship.
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More Laws Of Agency Fiduciary Duties Questions
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Under California law, the duty of reasonable care and diligence requires a real estate agent to perform all of the following EXCEPT:
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A California listing agent inspects a property and notices the garage has been converted to a living space with what appears to be unpermitted plumbing and electrical work. Under Civil Code §2079, what must the agent do?