Property Management
In Kansas, what must a property manager do with security deposits?
ADeposit them in the manager's personal account
BKeep them in a separate trust account and not commingle with operating funds✓ Correct
CInvest them in interest-bearing accounts for the landlord's benefit
DReturn them immediately after move-in
Explanation
Kansas law requires security deposits to be held in a separate trust account, segregated from the landlord's and manager's personal and operating funds, to protect tenants' interests.
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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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