Property Management
A Minnesota property management company wants to implement online rent payment. Before doing so, they should ensure:
AAll tenants have smartphones
BThe system is secure, complies with data privacy laws, and the management agreement authorizes online payment✓ Correct
COnly tenants under age 40 are required to pay online
DState approval from the Minnesota Department of Commerce is obtained
Explanation
Implementing online rent payment requires ensuring cybersecurity for financial transactions, compliance with data privacy laws (Minnesota has consumer privacy protections), and authorization in the management agreement. Not all tenants may be able to use online payment, so alternative methods should remain available.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA 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.
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