Compliance case Silver Checklist frames the issue this way. In a Tallahassee transaction, a closing coordinator wants the Florida rule on when property-management activity requires a real-estate license. Which statement is correct?
Correct Answer
B) A management agreement should define authority, scope, compensation, and handling of funds.
A management agreement should define authority, scope, compensation, and handling of funds. This follows F.S. § 475.011; Florida property-management licensing principles; FREC Real Estate Law Book.
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A salaried Florida apartment employee works on site at the employer's community. The employee proposes to lease the employer's units, collect rent for the employer's units, and separately negotiate leases for three off-site condos owned by unrelated investors. How many off-site condos can the employee handle under the apartment-employee exemption without stepping outside that exemption?
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A property management company in Florida collects $50,000 in rental income monthly for various property owners. The company keeps these funds in their business operating account mixed with their own funds. What violation has occurred?