Property Management
A NH property management company that manages both commercial and residential properties must maintain separate trust accounts for:
ANo separation is required if the same owner owns both property types
BEach property owner's funds, segregated from the company's operating funds and from other clients' funds✓ Correct
COnly residential security deposits
DOnly commercial rent receipts over $10,000
Explanation
Property managers must maintain proper separation of client funds. Each client's (property owner's) funds must be segregated from others and from the management company's operating account. Commingling client funds is a serious violation of fiduciary duty and potentially illegal.
Related New Hampshire Property Management Questions
- A NH property manager is approached by a prospective tenant who appears to be under the influence of alcohol during the showing. The manager may:
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- A NH residential property manager must provide adequate notice before a rent increase for a tenant with a fixed-term lease by:
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- A property management agreement typically includes:
- A NH residential property manager's key responsibility in winter months is to ensure:
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