Jones, a licensed broker is employed by the owner of a residential multifamily housing complex to serve as the property manager. One of Jones' duties is to collect rent due from the tenants. When the rents are collected, Jones should:
A. deposit the rents into his escrow account, since they are the property of the owner.
B. immediately deliver the rents to the owner of the complex for deposit in the owner's business account.
C. deposit them into his personal or business account to cover the cost of repairs and maintenance at the complex.
D. deposit rents received into a rental management account that is separate from Jones' escrow account and general business account.
License law provides that a broker involved in property management activities on behalf of a lessor is required to maintain a separate rental management account for such deposits.
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Exam Details
Pennsylvania Specific Broker Real Estate Exam.
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Added: 9/18/2008
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Real Estate License
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