Where should money received from an owner for repairs on rental property be deposited?

Money received from an owner for repairs on rental property should be deposited in a property management escrow account. This is because an escrow account is specifically designed to hold funds that are not considered the property manager's own money; rather, the money belongs to the property owner or tenant. By using an escrow account, the property manager ensures that the funds are kept separate from their personal or business accounts, providing an added layer of protection for both the owner and the manager.

Using a general business account or a personal account of the broker does not offer this necessary separation and can lead to issues of accountability and trust. Mixing these funds with business or personal finances could violate regulations and ethical standards within property management. Moreover, an investment account is not appropriate for holding repair funds, as it implies a use for growth rather than safeguarding specific funds intended for repairs. Thus, the property management escrow account is the correct choice for ensuring transparency and compliance with fiduciary responsibilities.