Property Management
In South Carolina, a property manager's trust account must be:
AMaintained in a foreign bank for tax purposes
BMaintained in a federally insured depository institution in South Carolina✓ Correct
CCombined with the manager's personal account for ease of management
DApproved by SCREC before any funds are deposited
Explanation
SC law requires that broker trust accounts be maintained in a federally insured financial institution in South Carolina. Funds from multiple clients may be pooled in the same trust account but must be individually tracked.
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