Property Management
A Texas residential property manager's rent collection policy should include:
ACollection only on the 15th of the month
BClear rent due dates, late fee amounts and timing, and procedures for non-payment✓ Correct
CNo late fees since they are prohibited by Texas law
DAuto-debit from tenants' accounts as the only collection method
Explanation
A sound rent collection policy specifies when rent is due, any grace period, the amount and timing of late fees (permitted under Texas Property Code within limits), and the steps the manager will take if rent is not paid timely.
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