Arkansas Real Estate Practice Exam

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How long must a property manager retain records of deposits and disbursements?

For one year.
Until the end of the lease term.
As stated in the property management agreement.
In a manner where they are traceable to the owners' and tenants' ledgers indefinitely.

The correct answer is: In a manner where they are traceable to the owners' and tenants' ledgers indefinitely.

The most important aspect of record-keeping for a property manager is being able to trace the records to the owners' and tenants' ledgers indefinitely. This means that even after the lease ends or the property management agreement is terminated, the manager should still be able to provide a clear and accurate record of all deposits and disbursements. Choosing option A would not provide enough time to properly maintain these records, while option B and C do not cover the longevity of the records. Therefore, option D is the most appropriate and thorough answer.