Property Management
A property manager who discovers their client's rental property has been damaged by a fire should first:
ARepair the damage using tenant security deposits
BNotify the property owner and assist in filing an insurance claim✓ Correct
CEvict the tenant immediately
DContact GREC for guidance
Explanation
Upon discovering fire damage, the property manager should immediately notify the property owner and assist with insurance claims. The insurance policy covers the damage; security deposits are not used for fire damage.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Right of First RefusalA 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.
State-Specific Concepts
GREC Regulation
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