The rental market is constantly changing as is the housing sales market. Let’s see how knowledgeable you are with this 10 point quiz.
Grab a pen and paper and write down your answers. Once complete look below to find the correct answers.
1. Every city requires the owner to register their rental property. True or False?
2. There is no limit to what I can charge for a late fee. True or False?
3. There is no time limit I need to return deposit once the tenant moves out. True or False?
4. Minnesota requires landlords to return deposit with interest. True or False?
5. Rents decreased the 4th quarter of 2012. True or False?
6. Evictions can not be filed in winter months. True or False?
7. If I have Questions regarding landlord and tenants rights who do I call?
8. I need to make sure my tenants receive a booklet on lead based paint. True or False?
9. I can have my property be no smoking AND no pets. True or False?
10. Applications can be denied based on criminal activity. True or False?
Ready for the facts?????
1. FALSE…..Not every City however most cities do require a registration, inspection and or fee. Check out your city website just to make sure. Violations will result in additional unnecessary fees.
2. FALSE….8% is the maximum late fee you can charge a tenant. Refer to the Landlords and Tenants rights booklet or this website: http://www.ag.state.mn.us/Consumer/Housing/LandlordTenants.asp
3. FALSE…Landlords are required to return deposit or issue an explanation for keeping the deposit to the tenant within 21 days of vacating as long as a new address was received.
4. TRUE….Currently 1%-make sure to check this once a tenant leaves as it may change.
5. FALSE..They increased in privately owned Townhomes and Single family homes from 1-5%. This is a good sign for 2013. Slow and steady increases. Refer to : http://www.housinglink.org/blog.aspx for more information.
6. FALSE…Evictions can be filed anytime/any month. From the date you file they will set a court date {2 weeks from filing}. This process is kind of costly {ranges around $300-400 filing fees} but worth it to follow the law to get the tenants out of your property.
7. The Attorney Generals Office 651-296-3353 or look up the website http://www.ag.state.mn.us/
8. TRUE….IF your property was built prior to 1978. Make sure you also complete the landlord and tenant lead based paint form.
9. TRUE…Absolutely!!! Pets are not a Fair Housing Protected class and it’s your home so you can decide if you want smoking or not.
10. TRUE…It all depends on what the charge is however most owners will deny on any drug charges, weapon charges or aggressive behavior.
Have other rental questions? Feel free to call-we are happy to help. Renting out your investment can be overwhelming-Let us help eliminate some of the stress.
Complete Management Services 612-251-3223 Cheri Ludwig Co-Owner/Realtor & Broker
www.completemanagementteam.com