Property Management
A West Virginia property manager who collects rents must:
ADeposit them into the manager's personal account
BMaintain them in a separate trust account and provide accounting to the owner✓ Correct
CForward them directly to the WVREC
DHold them until the end of the month before processing
Explanation
Property managers must maintain tenant funds and client funds in separate trust accounts and provide accurate accounting to property owners. Commingling is prohibited.
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Key Terms to Know
Lien
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
Trust Account Rules
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