A property manager receives a rental bond payment. According to consumer protection requirements, what must happen to these funds?
Correct Answer
C) Held in trust and lodged with the state bond authority on time
Rental bonds must be deposited into a trust account and typically lodged with the state rental bond authority for safekeeping. This ensures the funds are protected and properly managed according to tenancy legislation requirements.
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Previous Question
A property manager receives a rental bond of $2,800 on Monday. According to typical trust account requirements, when must this money be deposited into the trust account?
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A property manager receives rental payments but fails to pass them to the landlord for three months, instead using the funds for business expenses. This scenario represents: