Asked by: Suzette Stubnerasked in category: General Last Updated: 23rd January, 2020
Is a property manager a fiduciary?
Keeping this in view, do property managers owe fiduciary duties?
In most states, property managers must be licensed. Property managers owe a fiduciary duty to the communities or buildings they represent. A fiduciary duty is the highest duty owed at law, and requires the property manager to always act in the best interests of their clients.
Secondly, who regulates property management companies in Florida? In the state of Florida, property management businesses that are acting on behalf of the property's owner must have a professional real estate brokers license, according to the Building Owners and Managers Association International and Florida Department of Business and Professional Regulation.
Likewise, who regulates property management companies?
Property Managers work under legislation called The Real Estate and Business Agents Act 1978, which is administered by the Department of Mines, Industry Regulation and Safety.
How long does it take to get a property management license?
On average, most individuals complete the course and exam within six months, based on completing one assignment a week. Each assignment takes approximately 10-12 hours to complete. obtain a minimum grade of 70% on the licensing examination.