Arkansas Real Estate Practice Exam

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How should nightly rentals be managed in terms of recordkeeping?

Combined with monthly rentals ledger.
No special ledger is required.
In a separate ledger account for each property, including occupant details and dates of occupancy.
In the property manager’s personal ledger.

The correct answer is: In a separate ledger account for each property, including occupant details and dates of occupancy.

Nightly rentals should be managed in a separate ledger account for each property to ensure accurate recordkeeping. Option A, combining with monthly rentals ledger, would not provide detailed information on occupant details and dates of occupancy for each property. Option B, no special ledger, would result in inconsistent recordkeeping and could potentially lead to errors. Option D, in the property manager's personal ledger, would again not provide a clear and organized record of each property's nightly rentals. Therefore, option C is the most effective method for managing nightly rentals in terms of recordkeeping.