Flashcards in Unit 7-Federal and State Laws Pertaining to Real Estate Deck (51)
Broker Property Management
Real Estate brokerage will contract to provide PM services.
When MUST deposits and advance rents be deposited into the brokers escrow account
Please note that deposits and advance rents are TRUST FUNDS
By the end of the third business day after receipt of funds
is there a law against keeping Broker PM Trust fund monies separate from Sales trust Funds?
How much personal fund money may a broker keep in a PM Escrow account for the purpose of maintaining the account?
how long does a sales associate have to turn over monies collected to their broker
by the end of the NEXT business day.
What are Landlords Obligations?
1-maintain dwelling that meets all building, housing and health codes
2-provide exterminating service
3-trash receptacles and pick up (where applicable)
4-working equipment for heat/hot water
5-if a single family home or duplex, must have working smoke detectors before beginning lease period
May a landlord charge tenant for services?
YES. Provided they are outlined in rental agreement
What are TENANTS obligations?
1-Comply with building, housing and health codes
2-keep premises including plumbing fixtures clean and sanitary
3-use reasonable care in operation of all plumbing, electrical, heating and AC equipment
4-behave and make sure guests behave
when may a landlord access premises and how much notice is required?
1- to inspect
2-make necessary or agreed on repairs, decorations, alterations or improvements
3-supply agreed upon services
4-exhibit or show premises
12 hours notice must be given.
If tenant plans to be absent from premises and notifies landlord of such, when may the landlord enter the premises and how much notice is required?
The landlord MAY NOT enter unless emergency exists or they have consent of tenant.
12 hours notice must be given unless emergent.
How long after a tenant vacates the property does the landlord have to return security deposit?
How long after a tenant vacates the property does the landlord have to make a WRITTEN claim on the security deposit?
How long after the landlord notifies the tenant of claim on deposit does the tenant have to file an objection IN WRITING
What may happen if a landlord fails to maintain premises?
Tenant may terminate the rental agreement. They must provide written notice to the landlord citing the 'non-compliance" and state INTENT to cancel the agreement if non-compliance is not corrected.
How long does the landlord have to correct and resolve a problem
Termination of Rental Agreement by Landlord
occurs when tenant fails to comply.
Must give tenant WRITTEN notice demanding payment of rent w/in 3 business days or they will take possession of premises. This notice can be mailed, personally delivered (bring a witness) or attached to the door(witness)
How long does a TENANT have to pay any rents due?
3 days...or...surrender the premises.
What if tenant continues to default on rent after 3 business days?
Landlord must resort to a formal eviction.
what happens if tenant vacates?
Landlord is required to give tenant written notification via CERTIFIED MAIL of any claim on deposit or advance rent.
handled by the County Court