Property Management
Under Mississippi law, security deposits collected by a property manager must be:
ADeposited in the property manager's personal account
BHeld in a separate trust account and not commingled with operating funds✓ Correct
CTurned over to the MREC for safekeeping
DReturned to the tenant immediately after lease signing
Explanation
Security deposits must be held in a separate trust or escrow account and may not be commingled with the property manager's or owner's operating funds.
Related Mississippi Property Management Questions
- A Mississippi property manager who manages a mobile home park must ensure tenants receive proper notice before their lots are sold or converted to another use. This protects tenants because:
- A Mississippi property manager wants to reduce tenant turnover in a residential complex. Effective tenant retention strategies include:
- A Mississippi property manager who collects rents must provide the property owner with:
- A Mississippi commercial tenant's lease expires and they remain in possession without a new agreement. The tenancy becomes:
- A Mississippi property manager oversees a mixed-use development with retail on the ground floor and apartments above. Coordinating maintenance between the commercial and residential portions requires:
- A Mississippi commercial property manager is asked to manage a newly acquired distressed office building. The first priority should be:
- A Mississippi property manager may NOT disburse funds from the trust account without:
- Under Mississippi law, a property manager must hold a real estate license if they:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →