A Florida property manager collects first month's rent ($1,800), last month's rent ($1,800), and security deposit ($2,200) from a new tenant. If the property manager earns 8% commission on rent collected, what amount should be deposited into the trust account?
Correct Answer
C) $5,800
All funds collected from a tenant — first month's rent, last month's rent, and security deposit — must be deposited intact into the broker's trust/escrow account; the commission is withdrawn only after deposit. Total deposit = $1,800 + $1,800 + $2,200 = $5,800.
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