Property Management
A Connecticut property manager must keep accurate records of all rents collected and disbursements made. These records must be available for inspection by:
AAny member of the public
BThe property owner and, in the case of a licensed broker, the Connecticut Real Estate Commission✓ Correct
COnly the IRS
DOnly the tenant
Explanation
Property owners are entitled to review records of their property's income and expenses. As a licensed broker, a property manager is also subject to record inspection by the Connecticut Real Estate Commission.
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Key Terms to Know
Earnest Money
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.
Math Concepts
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