Arkansas Real Estate Practice Exam

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When property managers receive cash under a property management agreement, what is specifically required among the receipt details?

The identity of the property
The bank's name where the cash will be deposited
A photograph of the cash received
Witness signatures

The correct answer is: The identity of the property

Property managers are required to include the identity of the property in the receipt details because this specifies which property the cash belongs to. This information is important for record-keeping and tracking purposes. Options B, C, and D are incorrect because including the bank's name, a photograph of the cash, or witness signatures are not necessary for fulfilling the specific requirement of identifying the property receiving the cash.