Property Management Licensing Practice Exam · Question
A property manager receives a security deposit from a new tenant. Where must this deposit be held?
Security deposits are funds held in trust for the tenant and must be kept in a designated trust account, separate from the property manager's or landlord's oper
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Question: A property manager receives a security deposit from a new tenant. Where must this deposit be held?
Answer options:
- In the property manager's personal bank account.
- In a general operating account for the property management company. ✅ In a trust account separate from operating funds.
- Deposited directly into the landlord's personal bank account.
Correct answer: In a trust account separate from operating funds.
Explanation: Security deposits are funds held in trust for the tenant and must be kept in a designated trust account, separate from the property manager's or landlord's operating funds, as per regulatory requirements.
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