Property Management
A property manager in Shelby County must comply with the URLTA because:
AURLTA applies statewide regardless of county
BShelby County (Memphis area) has a population well above the 75,000 threshold✓ Correct
COnly Shelby County has adopted the URLTA
DURLTA applies only in Shelby County
Explanation
The Tennessee URLTA applies in counties with a population of 75,000 or more. Shelby County (population over 900,000) clearly meets this threshold, making URLTA mandatory for residential rental management in the Memphis area.
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Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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