Under Washington's Law of Real Estate Agency (RCW 18.86), which of the following best describes the 'accounting' duty that a broker owes to a buyer-client?
Correct Answer
B) The duty to promptly account for all money and property received from or on behalf of the buyer-client
Under RCW 18.86.040(1)(e), the duty of accounting requires a broker representing a buyer as a client to promptly account for all money and property received from or on behalf of the client. This includes earnest money deposits, funds held in trust, and any other property entrusted to the broker in connection with the transaction. This is one of the five statutory duties owed to clients under Washington's agency law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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