Property Management
A Pennsylvania property manager who holds security deposits must maintain them in:
AA personal savings account
BA separate escrow account✓ Correct
CThe property's operating account
DA trust account held by the owner's attorney
Explanation
Pennsylvania's Landlord-Tenant Act (68 P.S.
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Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Earnest MoneyA 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.
State-Specific Concepts
Trust Account Rules
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