Property Management
A property manager in Idaho must deposit tenant security deposits:
AIn the property manager's personal savings account
BIn a trust account separate from operating funds✓ Correct
CIn the property owner's personal account
DIn a commingled account with rental income
Explanation
Idaho law and IREC rules require security deposits and tenant funds to be held in a separate trust account, not commingled with the property manager's or owner's 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.
State-Specific Concepts
Trust Account Rules
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