Arizona Real Estate State Exam: Property Management (2022/2023) Already Passed

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Arizona Real Estate State Exam: Property Management (2022/2023) Already Passed Periodic estates ✔✔Period to period; does not have a definite expiration date; renews automatically Estate at wi... ll ✔✔Created when the owner permits another to occupy the property without a formal agreement Rent ✔✔Consideration paid under a leasehold estate 2 types of classified rent ✔✔1. Contract 2. Economic Responsibilities of property manager ✔✔1. Securing tenants 2. Collecting rents 3. Maintaining the premises 4. Controlling expenses 5. Hiring and supervising employees 6. Maintaining accounting records 7. Making reports to the owner Arizona property managers must have a real estate license unless one of the following is met ✔✔1. Natural person dealing with her own property 2. A business acting through its officers dealing with property owned by the business 3. A person holding a valid power of attorney for a specific purpose in an isolated transaction 4. An attorney in the performance of their duties 5. Natural persons acting as residential leasing agents 6. Natural person acting as a property manager one nonresidential income property or for two or more contiguous nonresidential income properties under common ownership Property Management Trust Account Requirements ✔✔1. Must be designated as trust accounts 2. Required for all owner's monies 3. Broker must not have access to owner's account 4. Trust account may bear interest; if it earns interest must be stated who gets it and how often in the property management agreement 5. Designated broker for the property management firm may authorize either a licensee or an unlicensed natural person in the direct employ of the broker to transfer monies or to be a signatory on the trust account 6. Broker may require dual signatures on checks and may use a fax signature 7. Within 3 banking days after receiving monies they are to be deposited in either the owner's or the trust account [Show More]

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