A Florida property manager collects first month's rent ($1,800), last month's rent ($1,800), and security deposit ($2,200) from a new tenant. If the property manager earns 8% commission on rent collected, what amount should be deposited into the trust account?
Correct Answer
B) $5,656
Correct: Commission on first month's rent = $1,800 × 8% = $144. Trust account deposit = Total collected - Commission earned = $5,800 - $144 = $5,656. The security deposit and last month's rent cannot have commissions deducted. Why not A: Incorrectly calculated commission on all amounts. Why not C: Failed to deduct any earned commission. Why not D: Only included security deposit and last month's rent.
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A property manager receives a complaint from a tenant about a broken air conditioning unit in their Florida rental property during July. The repair will take 5 days to complete due to parts availability. What is the property manager's obligation under Florida law?
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Training example Silver Workshop asks the question this way. In a Tallahassee transaction, a closing coordinator wants the Florida rule on management agreements. Which statement is correct?