Property Management
In Washington, a property manager must give tenants a written receipt when collecting cash rent unless:
AThe tenant signs a waiver of receipt
BPayment is made electronically✓ Correct
CThe landlord provides a receipt within 24 hours
DNo receipt is required for cash payments over $500
Explanation
RCW 59.18 requires landlords to provide a written receipt for cash rent payments upon request.
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Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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