Property Management
In Florida, a property manager who collects rent and manages properties on behalf of owners must hold a:
AProperty Manager Certification from the Florida Association of REALTORS
BFlorida real estate broker's license or sales associate license under a broker✓ Correct
CCommunity Association Manager (CAM) license for all property types
DNo license is required if managing fewer than 5 units
Explanation
Florida requires property managers who lease or manage real property for compensation on behalf of others to hold a real estate license (broker or sales associate). CAM licenses are specifically for community association management.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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