A property manager who collects rents but fails to remit them to the owner is:
Why Guilty of conversion (misappropriation) of funds Is Correct
Answer B: Guilty of conversion (misappropriation) of funds
Exam Tip: Property Management
Property management questions cover landlord-tenant law, security deposits, and maintenance responsibilities. Know the differences between gross, net, and percentage leases.
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- A property manager collects monthly rents of $50,000 on behalf of property owners. These funds must be:Trust Funds
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Key Terms to Know
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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