New Jersey License Law
A NJ broker's trust account must be:
AAn interest-bearing account where interest belongs to the broker
BMaintained in a federally insured financial institution in New Jersey✓ Correct
CCommingled with the broker's operating account
DReviewed monthly by the NJREC
Explanation
NJ requires broker escrow/trust accounts to be maintained in a federally insured bank or savings institution located in New Jersey.
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