Nevada License Law
What is the Nevada requirement for a real estate licensee who acts as a property manager and receives tenant security deposits?
ASecurity deposits can be held in the licensee's personal account
BSecurity deposits must be held in the broker's designated trust account, with separate records maintained for each property or tenant✓ Correct
CSecurity deposits may be commingled with operating funds
DThe landlord directly holds security deposits without licensee involvement
Explanation
Nevada law and NRED regulations require that all security deposits collected by a licensee acting as a property manager be held in the broker's designated trust account. Separate accounting records must be maintained for each property.
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