Property Management
When a property management agreement is terminated in Idaho, the manager must:
AKeep all security deposits as compensation
BReturn all client funds, records, and property to the owner within a reasonable time✓ Correct
CContinue managing the property for 30 days after termination
DTransfer management to IREC
Explanation
Upon termination of a property management agreement, the manager must promptly return all trust funds (rents, security deposits), property records, keys, and other documents to the property owner.
People Also Study
Related Idaho Questions
- A management agreement between a property owner and a property manager is BEST described as:Property Management
- A property manager in Idaho must deposit tenant security deposits:Property Management
- Under Idaho law, what must a property manager do with security deposits collected from residential tenants?Property Management
- Under Idaho law, a broker who holds client funds must deposit them into a trust account within:Idaho License Law
- Idaho landlord-tenant law requires a landlord to return a security deposit within how many days after the tenant vacates?Property Management
- Under Idaho law, a real estate broker must maintain trust account records for at least:Idaho License Law
- A licensee in Idaho is found guilty of 'conversion' of trust funds. This means they:Idaho License Law
- An Idaho broker opens a trust account. Which type of financial institution is acceptable for holding client trust funds?Idaho License Law
Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
State-Specific Concepts
Trust Account Rules
Study This Topic
Practice More Idaho Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Idaho Quiz →