Property Management
In West Virginia, a property manager who holds a real estate license and manages multiple properties for various owners must maintain:
AOne combined trust account for all client funds✓ Correct
BSeparate trust accounts for each property owner
CA trust account with the WVREC as co-signatory
DNo formal accounting is required for property managers
Explanation
While funds must be kept separate from the manager's personal funds, one properly maintained trust (escrow) account may hold funds for multiple clients, provided accurate records are maintained showing each client's balance. The key requirement is accurate recordkeeping, not necessarily separate accounts per client.
Related West Virginia Property Management Questions
- Which of the following is a West Virginia property manager's fiduciary duty to the property owner?
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