Property Management
A Minnesota property manager collects $5,000 in rents and $2,000 in security deposits. These funds must be:
ADeposited in the property manager's personal account
BHeld in separate trust accounts from the manager's personal funds✓ Correct
CImmediately forwarded to the property owner
DKept in a safety deposit box
Explanation
Minnesota law requires property managers to maintain separate trust accounts for client funds, including rents and security deposits. These cannot be commingled with the manager's personal or business funds. Failure to maintain proper trust accounting is a serious violation that can result in license revocation.
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