Property Management
An Oregon property management company collects security deposits from tenants. Under ORLTA, where must these funds be held?
AIn the property manager's personal savings account
BIn a trust account separate from operating funds✓ Correct
CIn the owner's personal checking account
DWith the county sheriff's office
Explanation
Oregon ORLTA requires security deposits to be held in a trust account separate from the landlord's or property manager's operating and personal funds. This prevents commingling and ensures tenant funds are protected if the landlord encounters financial difficulties.
Related Oregon Property Management Questions
- A property manager in Oregon who manages properties on behalf of others for compensation must:
- Under ORLTA, a landlord may retain all or part of a tenant's security deposit for:
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- Under Oregon ORLTA, a landlord who fails to return the security deposit or provide an itemized accounting within the required 31-day period:
- Oregon's rent stabilization law under SB 608 allows annual rent increases up to:
- In Oregon, what is the maximum civil penalty a landlord may face for retaliating against a tenant who has exercised their legal rights?
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