Property Management
The purpose of a property management trust account in North Carolina is to:
AEarn interest for the broker
BKeep tenant and owner funds separate from the broker's operating funds✓ Correct
CServe as the primary operating account for the management firm
DHold earnest money deposits only
Explanation
Trust accounts must segregate client funds (security deposits, rents) from the broker's own operating funds to protect client money.
Related North Carolina Property Management Questions
- A NC property manager's 'reserve fund' for a commercial building is maintained to:
- A tenant in NC who is being evicted for non-payment of rent must receive a written notice to pay or vacate how many days before the eviction filing?
- Gross leases in commercial property management mean:
- In North Carolina, a security deposit for a residential unit may not exceed:
- A 'management fee' for a NC residential property manager is typically calculated as:
- A 'triple net lease' (NNN) requires the tenant to pay:
- A NC 'ground lease' is a commercial arrangement where:
- When a tenant in NC intentionally damages a rental property beyond normal wear and tear, the landlord may:
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