Property Management
A property manager who collects rents and security deposits on behalf of an owner must:
ADeposit funds in the manager's personal bank account for convenience
BMaintain funds in a trust or escrow account separate from the manager's own funds✓ Correct
CForward all funds to the owner within 24 hours of receipt
DObtain IDFPR approval before accepting any funds
Explanation
A property manager acting as an agent must maintain client funds in a separate trust or escrow account, completely separate from the manager's own funds. Commingling client funds with personal funds is a serious violation that can result in license revocation in Illinois.
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