Property Management
A property manager in Nebraska who collects first and last month's rent plus a security deposit from a new tenant must:
ADeposit all funds in their personal account for convenient access
BProperly account for all funds and maintain them in a trust account if required by the property management agreement and state law✓ Correct
CInvest the funds in stocks for maximum return to the owner
DImmediately forward all funds to the property owner
Explanation
All tenant funds collected must be properly accounted for according to the property management agreement and Nebraska law. Security deposits must typically be kept in a trust account and cannot be commingled with operating funds.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA 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.
State-Specific Concepts
Trust Account Rules
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