ADRE LAW BOOK 2025

subsection C, to transfer monies from or to be a signatory on a property manage ment trust account to which the property management firm deposits the owner’s monies. (d) Require more than one signature on checks written from a property manage ment account. (e) Contain any other provisions that are agreed to between the property manage ment firm and the owner and that are not in conflict with the requirements of this chapter. B. Immediately on termination of a property management agreement, the property management firm shall provide the owner with: 1. All originals or other copies of all rental agreements or related documents in the property management firm’s possession for current and previous tenants. These documents shall include any applications, property inventories, leases, pet permits, default notices, lease amendments or addenda in the property management firm’s possession. The broker is not required to keep copies of residential rental lease agreements or related rental lease docu ments after termination of the property management agreement. 2. All building plans, environmental studies, conditions, covenants and restrictions, in spection reports, contracts, keys, warranties, personal property or other documents in the possession of the property management firm. C. On termination of the property management agreement the property management firm shall provide the owner with a final accounting of the property’s financial status that includes at a min imum: 1. Within five days, a list of all tenant security obligations. 2. Within thirty-five days, reimbursement for all monies remaining in the property ac counts maintained by the property management firm, except for monies needed for unpaid obligations incurred during the term of the property management agreement. 3. Within seventy-five days, a final accounts receivable and payable list. 4. Within seventy-five days, a final bank account reconciliation. D. If there is an on-site management office and any of the records or documents described in sub section B of this section are located on site, the property management firm may leave the items there for the benefit of the owner on termination of the property management agreement. The property management firm shall inform the owner in writing immediately as to the location of these records. 32-2174. Property management accounts Amended by Ariz. Sess. Laws Ch. 52, (2024) A. All property management accounts shall be designated as trust accounts on the broker’s as trust accounts on the broker’s records. B. A broker’s trust account is required for all of the owner’s monies, except if the owner directs the broker to deposit the monies directly into the owner’s account. The broker shall not have access to the owner’s account. Trust accounts may be interest bearing. C. The designated broker for a property management firm may authorize either a licensee or an unlicensed natural person in the direct employ of the broker to transfer monies or to be a signatory on the property management firm’s trust accounts. If the person who is designated to sign on be half of the designated property management broker is an unlicensed person, that person shall be

61