Property Management
Vermont's 'property management software' and digital record-keeping for trust accounts must:
AOnly be approved by VREC
BMaintain accurate, complete records that can be audited and provide a clear accounting of all client funds✓ Correct
CBe stored on Vermont government servers
DUse only paper-based systems for security
Explanation
Whether using software or manual systems, Vermont property managers must maintain accurate, complete records of all trust account transactions that provide a clear accounting of each client's funds and are available for Commission audit.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Earnest MoneyA 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.
Math Concepts
State-Specific Concepts
Trust Account Rules
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