Property Management
In Georgia, a property manager who collects rents on behalf of property owners is generally required to:
AA. Deposit all collected funds into the property owner's personal account
BB. Hold collected rents in a properly maintained trust account until disbursement✓ Correct
CC. Remit all rents within 24 hours of collection
DD. Hold funds in government bonds
Explanation
Property managers must hold rents collected on behalf of owners in a properly maintained trust account, separate from the manager's own operating funds. This requirement protects both the property owner and the tenants.
Related Georgia Property Management Questions
- A landlord who receives a security deposit in Georgia must:
- A capitalization rate of 5% compared to a 10% cap rate on two identical income properties indicates that the property with the 5% cap rate is:
- A triple-net lease (NNN) requires the tenant to pay:
- In a property management context, deferred maintenance becomes capitalized when:
- Deferred maintenance refers to:
- A property manager who signs lease agreements must hold at minimum a:
- What is the term for a tenant who remains in possession after their lease expires without the landlord's permission?
- A REIT (Real Estate Investment Trust) allows investors to:
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