What is a property manager's responsibility when handling a tenant's advance deposit?

A property manager's responsibility when handling a tenant's advance deposit involves safeguarding the funds in a trust account. This practice ensures that the money is kept separate from the property management company's own funds, thereby protecting the tenant's interests and complying with legal requirements.

By depositing the advance deposit into a trust account, the property manager ensures that the funds remain intact and can only be used for designated purposes, such as covering potential damages to the property or as part of the security deposit when the lease ends. This not only instills confidence in tenants that their money is being managed properly but also helps in maintaining transparency in the financial dealings associated with the rental agreement.

The other options do not reflect the best practices or legal requirements typically associated with managing a tenant's advance deposit. For example, the idea of returning the deposit within a short timeframe may not apply unless the lease has officially ended and specific conditions are met. Notifying the tenant about property usage is unrelated to the management of the advance deposit. Lastly, merely keeping the deposit for records does not address the need for proper handling and safeguarding of the funds according to legal standards and ethical management practices.