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This article is part of an ongoing series covering violations of real estate law. Here, the Department of Real Estate (DRE) revoked the real estate license of a broker acting as a property manager who collected trust funds on behalf of landlords they represented and failed to disburse the trust funds to the landlords as required.
Sleep E-Z LLC., v. Lopez
A landlord uses RPI Form 565 to extend or renew a lease and a tenant uses RPI Form 566 to request the lease extension or renewal.
Covers: The property manager’s ongoing duty to account to the landlord and maintain accurate records of all deposits, receipts, disbursements and expenditures; Contents of the property manager’s statement of accounting to the landlord; Discrepancies in trust fund accounting resolved against the property manager and in favor of the landlord.
Covers: A property manager’s proper handling of a trust account to accommodate the flow of property income and expenditures; Start-up fees, cash reserves, security deposits and rents held in a trust fund.
California’s Attorney General is meeting resistance from landlords reluctant to follow — or simply unaware of — the rules.
Covers: A property manager’s actions to increase the intangible image – goodwill – of a property; Promptly completing necessary repairs and correctly maintaining a property.
This article is part of an ongoing series covering violations of real estate law. Here, a broker acting as a property manager surrendered his license in connection with a disciplinary action taken by the Department of Real Estate (DRE) for concealing property management books and records from a client they represented.
Covers: A property manager’s comprehensive review of all lease and rental agreements on entering into a property management agreement; Periodic evaluations of lease and rental agreements to minimize expenses and maximize rental income; Determining and contracting for necessary property repairs and replacements.
No Corrections Currently Reported.