Property Management
Under the NC Vacation Rental Act, a property manager holding tenant advance payments must keep them:
AIn the property owner's personal checking account
BIn a trust account until the tenant's occupancy begins✓ Correct
CIn the manager's operating account for efficiency
DIn a federally insured CD for the full rental period
Explanation
Under the NC Vacation Rental Act, advance payments from tenants must be held in a trust account until the tenant occupies the property or the rental period begins.
Related North Carolina Property Management Questions
- Under NC law, a landlord must give a month-to-month tenant how many days' notice to terminate the tenancy?
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