A property manager receives a rental bond of $2,400. Within how many days must this money typically be deposited into the appropriate authority?
Correct Answer
C) 10 business days
Most Australian states require rental bonds to be lodged with the relevant authority within 10 business days of receipt. This timeframe ensures consumer protection by having an independent authority hold the funds rather than the agent.
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A property manager receives a rental bond of $2,400 on Monday. According to standard trust account requirements, by when must this money be deposited into the trust account?
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