Under the NC Vacation Rental Act, a property manager holding tenant advance payments must keep them:
Why In a trust account until the tenant's occupancy begins Is Correct
Answer B: In a trust account until the tenant's occupancy begins
Exam Tip: Property Management
Property management questions cover landlord-tenant law, security deposits, and maintenance responsibilities. Know the differences between gross, net, and percentage leases.
People Also Study
Related North Carolina Questions
- Under the NC Vacation Rental Act, a landlord/manager who retains advance rent payments and does not provide the rental must:Property Management
- Under the NC Vacation Rental Act, the property manager or owner must give the tenant how many days' advance notice before the landlord may terminate a vacation rental for breach?Property Management
- Under the NC Vacation Rental Act, if a tenant cancels a vacation rental reservation, the property manager must:Property Management
- Under the NC Vacation Rental Act, a property manager who rents out a vacation property must ensure the tenant receives a copy of:Property Management
- Earnest money held in a broker's trust account in NC belongs to:Escrow & Title
Key Terms to Know
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Study This Topic
Practice More North Carolina Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →