Property Management
A property manager who collects rents and security deposits from tenants on behalf of an owner must:
ADeposit all funds into the manager's personal account for convenience
BMaintain separate escrow or trust accounts for client funds✓ Correct
CForward all funds immediately to the owner without maintaining records
DReport all deposits to the NJREC monthly
Explanation
Property managers are fiduciaries and must maintain client funds in separate, segregated escrow or trust accounts, never commingling them with the manager's personal or operating funds.
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