Property Management Licensing Practice Exam · Question
What is a 'trust account' in the context of property management?
A trust account is a specially designated bank account used by property managers and real estate professionals to hold money belonging to others, such as tenant
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Question: What is a 'trust account' in the context of property management?
Answer options:
- An account where the property manager deposits their personal income.
- An account used by landlords to save for property emergencies. ✅ A segregated bank account holding funds on behalf of clients (e.g., rent, security deposits).
- A savings account for property capital improvements only.
Correct answer: A segregated bank account holding funds on behalf of clients (e.g., rent, security deposits).
Explanation: A trust account is a specially designated bank account used by property managers and real estate professionals to hold money belonging to others, such as tenants' security deposits or landlords' rental income, separate from their own operating funds.
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