Illinois Residential Leasing Agent License Exam Practice 2025 – Complete Prep Guide

The duty of a fiduciary that involves keeping accurate records for principals (owners) is accountability. This responsibility includes maintaining a clear and comprehensive record of all transactions, communications, and activities that pertain to the principal's interests.

Accountability ensures that the fiduciary can provide a transparent and accessible overview of their management of the principal's assets, thereby building trust and confidence in the fiduciary relationship. It is essential for tenants and landlords to have accurate records, as these can influence everything from financial reporting to operational decisions.

The other options, such as obedience and loyalty, represent different aspects of a fiduciary's responsibilities but do not directly pertain to the maintenance of records. Obedience refers to the duty to follow the lawful instructions of the principal, while loyalty emphasizes the fiduciary's obligation to act in the best interests of the principal without personal conflicts. Therefore, accountability stands out as the duty specifically associated with record-keeping.