Property Management
A NJ property manager who collects advance rent must:
AKeep it in their personal account for convenience
BDeposit it in a separate trust or escrow account and account for it separately from security deposits✓ Correct
CImmediately remit it to the property owner
DHold it until the lease term ends
Explanation
Advance rent (first and last month's rent, for example) must be kept in a properly maintained escrow or trust account, separate from security deposits and the manager's operating funds. The manager must account to the owner for all funds received.
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