Property Management
A Kentucky rental property manager collects a $500 pet deposit from a tenant in addition to the regular security deposit. In Kentucky, this pet deposit:
AMust be kept in a separate account from other deposits
BShould be held in the broker's trust account and returned if no pet-related damage occurs✓ Correct
CAutomatically belongs to the landlord
DIs not regulated and can be kept anywhere
Explanation
Pet deposits, like regular security deposits, are tenant funds and should be held in the broker's trust account. If no pet-related damage occurs, the pet deposit must be returned to the tenant.
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