Property Management
A Mississippi apartment complex manager must handle a fair housing complaint filed with HUD. The property management company should:
AIgnore the complaint since it is the owner's problem
BNotify the property owner immediately, preserve all relevant records, and cooperate with HUD's investigation through legal counsel✓ Correct
CDestroy records of the rental transaction
DAdmit liability to settle quickly
Explanation
When a fair housing complaint is filed, both the property management company and the owner must be notified promptly. All records must be preserved.
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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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