Property Management
In South Carolina, what must a property manager include in a monthly statement to a property owner?
AOnly the total rent collected
BAn accounting of income collected, expenses paid, and the net amount remitted to or held for the owner✓ Correct
COnly a list of maintenance issues
DA SCREC-required standardized form
Explanation
A property manager's monthly statement to the owner should include income received (rent, late fees, etc.), expenses paid (maintenance, management fees, taxes, insurance), and the resulting balance.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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.
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