Property Management
Under Nevada law, how must a property manager handle a tenant's security deposit?
ADeposit it in the property manager's personal savings account
BHold it in a separate trust account and provide an accounting to the tenant within 30 days of lease termination✓ Correct
CReturn it to the landlord immediately upon receipt
DInvest it in interest-bearing securities for the landlord's benefit
Explanation
NRS 118A requires security deposits to be held in a trust account separate from operating funds. Upon lease termination, the landlord/property manager must return the deposit or provide an itemized written statement of deductions within 30 days. Failure to comply can result in penalties including double damages.
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