Property Management
A West Virginia property manager collects rent and security deposits on behalf of a property owner. These funds must be:
ADeposited into the property manager's personal account for convenience
BKept in a separate trust or escrow account✓ Correct
CForwarded to the owner within 24 hours of receipt
DInvested in short-term securities pending disbursement
Explanation
Property managers in West Virginia must maintain client funds in a separate trust or escrow account, completely separate from the manager's personal and operating funds. This prevents commingling and protects clients.
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Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
LienA 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.
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