Property Management
An Illinois residential property manager who collects rents on behalf of the owner must pay the owner their funds:
AOnce per year at the end of each fiscal year
BAs specified in the property management agreement, typically monthly✓ Correct
CWithin 24 hours of collecting each payment
DOnly when the owner requests payment
Explanation
The timing of disbursements to property owners is typically specified in the property management agreement. Most agreements call for monthly disbursements after deducting management fees and authorized expenses. The manager's duty of accounting requires prompt and regular accounting and disbursement of owner funds.
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