New Jersey License Law
A NJ real estate broker who acts as a property manager and holds tenant security deposits must:
ADeposit the funds in their personal account
BMaintain those funds in a separate trust or escrow account✓ Correct
CForward the deposits to the NJREC for safekeeping
DInvest the deposits in money market funds
Explanation
Security deposits held by a broker/property manager must be kept in a separate escrow or trust account, not commingled with operating or personal funds.
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