Property Management
In NJ, a property manager who collects rent in cash should:
AKeep the cash in a safe for convenience
BIssue written receipts to tenants and deposit the cash into the properly maintained escrow account promptly✓ Correct
CGive cash to the owner directly the same day
DUse cash for property maintenance expenses directly
Explanation
Cash rent collections must be receipted to document payment and deposited promptly into the escrow account. Proper accounting prevents conversion, protects all parties, and maintains the integrity of the trust accounting records.
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