After receiving a $1,000 deposit from a tenant, what is Burt, a property manager, required to do?

When a property manager, such as Burt, receives a deposit from a tenant, he is required to deposit the money into an escrow account. This type of account is specifically designed to hold funds that belong to others, in this case, the tenant. By placing the deposit in an escrow account, Burt is ensuring that the funds are kept separate from his personal or business funds, which promotes transparency and ensures ethical management of the tenant's money.

Depositing the funds into an escrow account also helps protect the tenant’s interests, as it guarantees that the deposit will be available for refund or other purposes as stipulated in the rental agreement, such as covering damages or unpaid rent. This practice adheres to legal requirements and best practices in property management, reinforcing trust between the tenant and the property manager.

In summary, by depositing the money into an escrow account, Burt is fulfilling his fiduciary duty and adhering to the legal standards governing property management.