Property Management
A South Dakota property manager is responsible for maintaining proper accounting records for managed properties. These records must be kept for at least:
A1 year
B3 years✓ Correct
C5 years
D7 years
Explanation
South Dakota real estate commission rules generally require brokers and property managers to maintain accurate records of all transactions and client funds for a period of at least 3 years, making records available for inspection by the Commission.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
Math Concepts
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