Property Management
A property manager receives rents and must keep them in:
AThe property manager's personal bank account
BA separate trust (escrow) account✓ Correct
CThe owner's personal account
DA commingled account with other client funds
Explanation
Property managers must maintain client funds (rents, security deposits) in a separate trust or escrow account, segregated from the manager's own funds. Commingling of funds is illegal and a violation of license law.
Related Georgia Property Management Questions
- In Georgia commercial leasing, 'tenant improvement (TI) allowance' refers to:
- A property manager's primary duty is to:
- Deferred maintenance refers to:
- A percentage lease, often used in retail settings, requires the tenant to pay rent based on:
- The vacancy rate for a rental property is calculated as:
- A 'turnover cost' for a rental property includes:
- An estoppel certificate in commercial leasing is a document where the tenant:
- A management agreement that gives the property manager the authority to sign leases on behalf of the owner creates a:
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