What must a licensed property manager keep track of according to South Dakota regulations?

A licensed property manager in South Dakota is required to keep track of receipt documentation, which is crucial for maintaining transparency and accountability in property management practices. This requirement ensures that all financial transactions related to the management of properties are accurately documented. Keeping receipts helps in providing a clear record of income and expenses, which is essential for tax filings and audits.

Additionally, proper receipt documentation protects both the property manager and the landlord by serving as proof of payments and transactions made. This practice fosters trust between landlords and property managers while also allowing for a structured way of tracking financial performance and obligations.

In contrast, while personal interactions with tenants, fees charged to landlords, and lease agreements are important aspects of property management, South Dakota regulations specifically emphasize the importance of maintaining accurate receipt documentation as a key element of operational compliance and fiduciary responsibility. This focus on financial documentation distinguishes it as the correct answer.