Property ManagementIntermediateCalifornia Exam
A property manager collects rent on behalf of an owner. Under California law, within how many days after the close of the month must the manager provide the owner with an itemized accounting of funds received and disbursed?
A10 days
B15 days
C25 daysCorrect
D30 days
Why 25 days Is Correct
Answer C: 25 days
California Business and Professions Code Section 10148 and standard property management practice require that brokers render itemized statements of account to principals within 25 days after the close of each calendar month. This ensures transparency and proper accounting of trust 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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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA 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.
State-Specific Concepts
Continuing EducationTrust Account Rules
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