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Real Estate Practice Exams - Rentals and Security Deposits
Rentals and Security Deposits
A bank account used to hold rental security deposits can
A) EARN INTEREST
B) NOT EARN INTEREST
C) EARN INTEREST TO BE PAID THE PROPERTY MANAGEMENT
D) EARN INTEREST BUT MUST BE PAID TO A REAL ESTATE BROKER
A property manager should (and in most jurisdictions must) place the security deposit in an interest bearing account; the interest must be paid to the tenant who originally provided the security deposit.