Property Management
A West Virginia property manager collects rent on behalf of the owner. These funds must be:
ADeposited into the manager's personal account for safekeeping
BHeld in a separate trust or escrow account for the owner✓ Correct
CApplied immediately to the manager's management fee before forwarding the balance
DRetained by the manager until the end of each calendar year
Explanation
Funds collected on behalf of a client must be held in a separate trust or escrow account and must not be commingled with the property manager's personal or operating funds.
Related West Virginia Property Management Questions
- A West Virginia property owner who leases their property through a professional management company retains which of the following rights?
- A West Virginia property manager negotiates a lease on behalf of the owner. The manager's authority to bind the owner to the lease arises from:
- A West Virginia property manager collects rent and security deposits on behalf of a property owner. These funds must be:
- A property management agreement in West Virginia is a contract between the property owner and the management company. It should specify:
- A gross lease used in commercial property management in West Virginia typically means:
- In West Virginia, a month-to-month tenant who has received proper notice to vacate but refuses to leave becomes a:
- In West Virginia, a property management fee structure that charges a percentage of collected rents incentivizes the manager to:
- In West Virginia, a landlord may NOT use which lease provision under state law?
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