Property Management
In California, a property manager who collects rents and security deposits on behalf of an owner must:
ADeposit the funds in the broker's general business account
BHold the funds in a separate trust account and maintain proper records✓ Correct
CTurn all funds over to the owner daily
DHold the funds in the property manager's personal account
Explanation
A licensed property manager in California must hold all client funds (rents, security deposits) in a separate trust account — not in the manager's personal or general business accounts. This is required by the Real Estate Law and DRE regulations.
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