Property Management Licensing Practice Exam · Question
When must a property manager deposit funds received for a security deposit into a trust account in British Columbia?
In British Columbia, licensees must deposit all money received on behalf of a client into a brokerage trust account by the next business day.
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Question: When must a property manager deposit funds received for a security deposit into a trust account in British Columbia?
Answer options:
- Within 7 days of receipt
- Within 24 hours of receipt ✅ By the next business day
- Within 30 days of the start of tenancy
Correct answer: By the next business day
Explanation: In British Columbia, licensees must deposit all money received on behalf of a client into a brokerage trust account by the next business day.
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