Property Management
A property manager's fiduciary duty to the property owner requires the manager to keep which of the following separate from the owner's operating funds?
ASecurity deposits collected from tenants✓ Correct
BRepair and maintenance cost estimates
CThe manager's personal commission records
DUtility usage reports
Explanation
Security deposits are held in trust for tenants and must be kept in a separate trust account, separate from both the owner's operating funds and the manager's personal funds. Commingling security deposits is a serious violation of property management law.
Related Idaho Property Management Questions
- What is 'capital expenditure reserve' (CapEx reserve) in Idaho property management?
- A percentage lease, common in retail properties, requires the tenant to pay:
- A property manager who accepts a fee from a vendor without disclosing it to the owner is guilty of:
- What does an 'estoppel certificate' confirm in a commercial property transaction?
- What is a 'habitability warranty' in Idaho residential leasing?
- A gross lease in commercial real estate is one where:
- What is a 'commercial tenant improvement allowance' (TI) and how does it affect lease negotiations in Idaho?
- What is a 'lease abstract' and who typically uses it in Idaho commercial real estate?
Practice More Idaho Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Idaho Quiz →