Property Management
A Tennessee property manager receives a security deposit. Under URLTA, the manager must:
ADeposit it in the operating account for convenience
BKeep it in a separate trust account and provide written notice to the tenant✓ Correct
CReturn it to the tenant within 30 days regardless of damages
DInvest it and retain all interest earned
Explanation
URLTA requires security deposits to be held in a separate bank account (trust account) and the tenant must be given written notice of the account location. The funds may not be commingled with operating funds.
Related Tennessee Property Management Questions
- A property manager who discovers the owner is not paying the mortgage while collecting the management fee may face liability if they:
- In Tennessee, a landlord must make a rental unit available for the tenant's possession by the beginning of the lease term. Failure to do so entitles the tenant to:
- A 'holdover tenant' is one who:
- A property manager who applies discriminatory screening criteria in Tennessee will be liable under:
- In Tennessee, a landlord may evict a tenant for non-payment of rent by first:
- In Tennessee, a commercial lease that specifies 'triple net' (NNN) means the tenant pays:
- A property manager who fails to properly maintain a rental property may expose the owner to liability for:
- When should a property manager update the owner on the property's financial performance?
Practice More Tennessee Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Tennessee Quiz →