Property Management
In Massachusetts, a property manager who handles security deposits for residential rentals must keep records of each deposit for:
A1 year after the tenancy ends
B3 years after the tenancy ends✓ Correct
CThe duration of the tenancy only
D7 years for tax purposes
Explanation
Massachusetts requires property managers and landlords to keep security deposit records (including the bank account information and interest calculations) for at least 3 years following the end of the tenancy.
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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.
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