Property Management
A Hawaii property manager collects security deposits. Under Hawaii law, security deposits must be:
ADeposited into the property manager's personal bank account
BHeld in a separate trust account and not commingled with operating funds✓ Correct
CPaid directly to the property owner upon receipt
DHeld by the tenant until disputes arise
Explanation
Hawaii law requires security deposits to be held in a separate trust account and prohibits commingling with the property manager's or owner's personal or operating funds.
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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.
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