Section 19: Property Management in Florida Flashcards
When it comes to landlord-tenant relations, a property manager needs to know…
Fair housing laws
Roseanne is working as a short-term rental agent in a mobile home community in Miami. Does she need to have a real estate license to do her job?
No. Persons engaged in mobile home rentals do not need to be licensed in Florida.
People that do not need a real estate license
- Owners managing own property
- Employees renting out property the business owns as long as no commission is paid
- Apartment complex tenant making $50 or less per transaction
- PMs working at a condo that leases property for less than a year and paid a salary
- PMs who live on site in an apartment property and paid a salary
- PMs that rent mobile homes in a park designated for RV’s or mobile homes
- PMs renting or advertising rent of hotel type properties
The property management proposal includes information such as…
The proposal should provide information about the property manager’s qualifications, the duties the property manager will perform, and the reports the property manager will provide to the owner
Property manager Dawson was reviewing a property management agreement and was happy to learn that he would be indemnified for any losses due to tenant negligence. Where is this likely found in the
property management agreement?
Insurance provision
What section of the property management agreement states that the owner actually owns the property, and it’s not facing foreclosure?
The owner’s covenants section of the property management agreement also states that the property manager is solely responsible for its management.
What are trade fixtures?
Trade fixtures are used for commercial purposes, and commercial tenants are generally allowed to make these improvements, then restore the property to its original state before moving out.
The property manager’s primary responsibility to an owner is to…
Achieve the highest possible return on the owner’s investment.
What legally binding document should give details about the reports a property manager will provide for a property owner?
Property management agreementx
Leases should have these items in the lease for delinquent tenants.
- Grace period
- Late rent notice
- Partial rent
What is a gross lease?
The tenant pays a fixed rent, and the owner pays taxes, insurance, and maintenance expenses for the property.
What is “qualifying” a potential tenant?
Determining the tenant’s character and habits, as well as the ability and willingness to meet lease obligations.
An eviction must go through whom?
Evictions must go through a court of law, beginning with a complaint, and ending with a writ of possession carried out by a sheriff.
When a tenant doesn’t pay rent on time, the first step should be to…
Contact the tenant to find out what is going on.
When renting to a group, it is a good idea for the property manager to…
Have the tenants designate a single payor.
Standard provisions of a lease
- Term
- Rent payment
- Security deposit
- Possession and habitabilty
- Use restrictions
- Maintenane and repairs
- Utilities
- Casualty Damage
- Default / Breach of Lease
What repairs must an owner/property manager make right away for their tenants?
- broken heating systems
- showers
- electrical systems
Housing and Community Development Act
The Housing and Community Development Act of 1974 added sex to the list of protected classes to reduce sexual harassment and discrimination against women.
Fair Housing Amendment Act of 1988
- a housing provider may not deny or refuse to rent or sell to a person with a disability, and may not impose fees or penalties different than what would be charged to a person without a disability.
- added familial status and disability to the list of protected classes
How much time does a landlord have to provide written notice to a tenant notifying the tenant how security deposits and advance rents are being held?
30 Days
The Fair Housing Act indentifies 7 protected classes that are…
- sex
- race
- color
- religion
- national origin
- familial status
- dissability
Teanancy at Will
Unwritten lease or lease without a termination date.
May be terminated by either party
Tenancy of Sufferance
When tenants continue to occupy a property after their lawful authority has expired. Called “holdover tenants”
If this happens and the landlord continues to accept rent, it becomes a “tenancy at will”
Security deposits
Must be held in one of 3 ways:
- In a non-interest-bearing Florida bank
- interest-bearing Florida bank with interest retained for the tenant
- Landlord posts a surety bond with teh county’s circuit court for the total amount of collected security deposits and advance rents or $50,000, whichever is less.
