Property Management
A Virginia residential property manager must keep escrow accounts for security deposits in a bank that is:
ALocated in the same city as the rental
BFederally insured✓ Correct
CA Virginia state chartered bank only
DApproved by VREB annually
Explanation
The VRLTA requires security deposits to be held in federally insured depository institutions (FDIC or NCUA insured banks and credit unions) in separate escrow accounts.
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