Property Management
When a NJ property manager terminates a management agreement, they must:
AKeep possession of all property records
BProvide proper notice per the agreement's terms, return owner funds, and transfer all property records, keys, and documentation to the owner or successor manager✓ Correct
CReport the termination to the NJREC
DImmediately cease all property maintenance
Explanation
Proper termination of a management agreement requires following notice provisions, returning all owner funds from escrow, and transferring complete records (leases, inspection reports, maintenance logs, keys, accounting records) to facilitate seamless transition.
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