California  |  Real Estate Law

Legal Question

Asked on: 7/26/10, 11:52 am

Our condominium has a property manager who has set up bank accounts, operating, reserve and CDs for the property’s income and expenses. We would like to have two signatures required on checks; one from the property manager and one from a Board member.

The property manager says this cannot be done because of California Real Estate Law – no one can sign on a property trust account with a Real Estate Licensee except the Real Estate Licensee or staff.

Is this so?

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