Which statement best describes Florida's rule on management agreements?
Correct Answer
D) Rent and security-deposit handling under a property manager still raises trust-account issues when a broker is involved.
Rent and security-deposit handling under a property manager still raises trust-account issues when a broker is involved. This follows F.S. § 475.011; Florida property-management licensing principles; FREC Real Estate Law Book.
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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?
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A property management company in Florida collects $50,000 in rental deposits from tenants. The property manager places these funds in a non-interest bearing account and provides proper notice to tenants. What is the maximum time period the property manager has to return the deposit after the tenant vacates?