Property Management
A North Dakota property manager who receives a security deposit from a new tenant must:
AImmediately deposit it into their personal account for safekeeping
BPlace it in the broker's trust account or a separate security deposit account as required by law✓ Correct
CForward it to the property owner within 5 business days
DFile a report with the NDREC within 48 hours
Explanation
Security deposits must be placed in a trust account or designated security deposit account separate from the property manager's operating or personal funds. This protects tenants' funds.
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