Final Answer:
The statement that is NOT true regarding a property management trust account is:
Thus the correct option is 3) A salesperson signator may sign checks for paying miscellaneous maintenance fees.
Step-by-step explanation:
In property management trust accounts, it is generally inappropriate for a salesperson signator to sign checks for paying miscellaneous maintenance fees.
Property management trust accounts are designed to handle funds related to property management, and the signing authority on such accounts should be limited to individuals with the appropriate qualifications and responsibilities.
Salespersons may not have the expertise or authorization to handle the financial aspects of property management in this context.
Multiple properties can be included in one trust account (1), and a salesperson can be a signator on the trust account (2).
However, allowing a salesperson signator to sign checks for miscellaneous maintenance fees (3) can pose a risk, as it may involve financial transactions beyond the scope of their role. It is crucial to maintain proper controls and ensure that individuals with the right qualifications handle specific financial tasks.
Additionally, unlicensed employees of a property management firm may not sign checks on the property management trust account (4) to maintain compliance with licensing regulations and safeguard against potential financial mismanagement by unqualified individuals.