Direct answer
What does Accounting mean?
The fiduciary duty to safeguard and properly account for money, documents and property entrusted to the agent.
Exam cue: Look for deposits, keys, documents and transaction records held for a client.
What does it look like in a question?
New York example
A broker records a buyer deposit and keeps it in the required special account.
Common exam trap
What should you not confuse it with?
Accounting is broader than doing arithmetic. It is a duty of custody and recordkeeping.
Related agency terms
AgencyA relationship in which an agent is authorized to act for a principal and owes duties within that relationship.Broker's agentAn agent who cooperates with or is engaged by another agent without becoming a subagent of that agent's principal.ClientA principal who is represented by a real estate agent.CustomerA person who receives services from a licensee but is not represented by that licensee as an agent.Designated sales agentA sales agent appointed within a disclosed dual agency arrangement to advocate for one principal in negotiations.Dual agencyRepresentation of both sides in the same transaction by the same broker, with the required informed consent.
Sources used2 references with section locators
The curriculum citation confirms exam scope. Definition and rule citations support the explanation itself. Links and locators were checked on August 26, 2026.
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Put the term back into its full subject.
A definition helps with recall. The subject guide shows how the rule interacts with documents, scenarios, calculations and practice questions.