Property Management
A Virginia property manager who collects first month's rent, last month's rent, and a security deposit should:
ADeposit all funds in one account
BKeep security deposits separate in escrow but can commingle first and last month rent
CDeposit first/last month rent in the operating account and security deposit in a separate escrow account✓ Correct
DHold all funds personally
Explanation
Under the VRLTA, security deposits must be held in a separate escrow account. First and last month rent, once earned, may be deposited in the operating account since they represent income to the landlord.
Related Virginia Property Management Questions
- Under the Virginia Residential Landlord and Tenant Act, a landlord must provide written notice before entering a tenant's unit for non-emergency maintenance. The required notice period is:
- Under the Virginia Landlord and Tenant Act (VRLTA), a landlord must return a security deposit within how many days after the tenancy ends?
- The Virginia Residential Landlord and Tenant Act (VRLTA) applies to:
- A Virginia property manager collects a $3,000 security deposit for an apartment renting at $1,500/month. This violates the VRLTA because:
- Which clause in a commercial Virginia lease allows the landlord to adjust rent periodically based on changes in the Consumer Price Index (CPI)?
- A Virginia commercial property manager who executes leases on behalf of the owner must have:
- A Virginia HOA's rules and regulations can be enforced through all of the following EXCEPT:
- A Virginia property manager receives a request from a tenant to sublet the apartment. The manager should:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →