Property Management
A Virginia property manager receives a check from a tenant payable to the property owner. The property manager must:
ADeposit it in their personal account temporarily
BForward or deposit the funds as directed by the property management agreement✓ Correct
CHold the check until the owner requests it
DEndorse and cash the check
Explanation
Property managers must handle funds strictly according to the property management agreement. Checks payable to the owner must be forwarded or deposited per the agreement, not commingled with manager funds.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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