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?
Correct Answer
B) Commingling of funds
Correct: Commingling occurs when a property manager mixes client funds (rental income) with their own business funds, which is prohibited under Florida law. Why not A: This scenario doesn't involve advertising issues. Why not C: No property improvements are mentioned. Why not D: Insurance maintenance isn't the issue described.
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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?
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A Florida property manager receives a security deposit of $2,500 from a new tenant. The manager must provide written notice to the tenant within how many days regarding how the deposit will be held?