New Jersey License Law
New Jersey's real estate license law requires that earnest money deposited with a broker must be:
ADeposited in a non-interest-bearing checking account within 24 hours
BDeposited in a separate trust account maintained by the broker✓ Correct
CForwarded to the title company within 48 hours
DHeld in the broker's operating account until closing
Explanation
New Jersey requires brokers to maintain a separate trust account for client funds (earnest money, security deposits). Mixing these with operating funds constitutes commingling, a serious violation.
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