Property Management
A South Dakota property manager who collects rents and security deposits on behalf of a property owner must:
ADeposit all funds into the manager's operating account for convenience
BMaintain separate trust accounts for client funds, distinct from the manager's own funds✓ Correct
CPay all collected funds to the owner within 24 hours of receipt
DKeep security deposits in the manager's name
Explanation
South Dakota license law requires property managers who hold or manage client funds to maintain separate trust accounts, keeping client money distinct from the property manager's personal or business operating funds.
Related South Dakota Property Management Questions
- In South Dakota, a property management agreement is a contract between the property owner and the property manager that specifies:
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