Property Management

Question 1

Who is required to have a CAM license.

Answer 1

those who control or disburse funds for compensation.

those who prepare budgets or other financial documents for compensation.

Assisting in the notice or conduct of meetings and coordinating maintenance and other services for te association.

A person who performs only clerical duties under a licensed association manager does not need a license.

Question 2

What is a community association.

Answer 2

includes associations with greater than 10 units or has an annual budget in excess of $100,000.

Question 3

What does Florida Statue 509 state regarding leasing property.

Answer 3

Short term rentals less than 6 months need to collect sales tax.

Property is licensed the individual is exempt from obtaining a real estate license.

Question 4

What is technical oversupply.

Answer 4

Occurs when available units outnumber potential tenants.

Question 5

What are real estate licensees required to do in regards to a lease.

Answer 5

They can not fill in the blanks of an owners lease. Licensees can only fill in the blanks of a lease approved by the Florida Supreme Court. Otherwise it is considered the unlicensed practice of law.

KEYES vs. THE STATE OF FLORIDA.

Question 6

What are the requirements for handling a tenants security deposit and advanced rent.

Answer 6

1) must be held in separate non-interest bearing account.
2) hold the money in a separate, interest bearing account and give the tenant at least 75% of the average interest or a straight 5% which ever the landlord elects.
3) Commingle the funds (OWNER ONLY NOT BROKER), provided the owner posts a surety bond with the clerk of the court for the total amount of security deposits and advance rent (or $50,000, whichever is less) and pays the tenant 5% simple interest.

The landlord must disclose to the tenant how the money is being held within 30 days of receiving the funds.

Question 7

Can a landlord cut off utilitiy services, change the locks, or remove outside doors, locks, roofs, or windows in an effort to force the tenant to move.

Answer 7

No, by doing so lanlord is liable for actual damages or three months rent, which ever is greater.