Agency
What does 'account for all funds' require in the context of a Hawaii property manager's duties?
AA. The manager must personally count all cash received from tenants
BB. The manager must maintain accurate records of all money received and disbursed on behalf of the property owner, provide regular accounting statements, and hold funds in proper trust accounts✓ Correct
CC. The manager must submit quarterly tax returns on behalf of the property owner
DD. Accounting is only required for properties with more than 10 units
Explanation
Property managers must: collect and deposit all rents and other funds promptly, maintain separate trust accounts for client funds, provide regular financial statements (monthly or as agreed) to property owners, and accurately document all income and expenses. This accounting duty is fundamental to the manager's fiduciary obligation to the property owner.
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