Property Management
A Texas property manager receives rent from a tenant in cash. The proper procedure is to:
ADeposit cash into the broker's personal account for safety
BIssue a written receipt to the tenant, deposit into the trust account promptly, and maintain accurate records✓ Correct
CRefuse cash payments to avoid complications
DConvert cash to a money order before recording the payment
Explanation
When receiving cash payments, property managers should issue a receipt to the tenant, deposit the funds into the trust account as required by TREC rules, and maintain complete and accurate records. Cash transactions require especially careful documentation to ensure proper accounting.
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