In a Tampa transaction, a buyer wants the Florida rule on management agreements. Which statement is correct?
Correct Answer
C) Property-management activity for another person may require a real estate license in Florida.
Property-management activity performed for another person for compensation generally requires a Florida real estate license under F.S. § 475.011, subject to limited statutory exemptions such as the salaried onsite apartment-leasing employee exemption.
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Related Topics & Key Terms
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Related Concepts
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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A property manager in Florida collects $8,500 monthly rent from a tenant and charges a 10% management fee. If the property manager also collects a $75 monthly maintenance fee, what is the total amount remitted to the property owner each month?
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