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Broker’s client is a developer. The developer wants broker to coordinate advertisement of the development. The developer wants to send broker $1,000 a month to advertise the property. The developer wants receipts to show how the funds are spent in advertising.
Does broker have to place the funds in a trust account?
A.R.S. § 32-2151(B)(2) provides: “A broker shall not permit advance payment of monies belonging to others to be deposited in the broker’s personal account or to be commingled with personal monies.”
Therefore, upon receipt of the funds, the broker should immediately place the money into a broker trust account.
A husband and wife (“Lessees”) entered into a written lease (the “Lease”) with a homeowner (“Lessor”). Both the husband and wife signed the Lease, pursuant to which the Lessees were going to lease the property for two years.
The Lessees moved into the property and completed the first year of the Lease. However, Lessor is unhappy with some of the terms of the lease, and now wants to draft an addendum to the Lease.
Husband/Lessee signs the addendum. Wife/Lessee refuses to sign the addendum.
Is the addendum valid if only one Lessee signs the addendum?
In accordance with the Statute of Frauds, A.R.S. §44-101, a lease for a period of one year or longer must be in writing and signed by the parties to be charged.
In this case, the Lease complies with the Statute of Frauds as it is in writing and signed by the parties. However, the addendum to the Lease is an attempt to change either terms and/or conditions to the Lease. Accordingly, in order to comply with the Statute of Frauds, the addendum must also be signed by both the husband and wife. Because the wife/Lessee did not sign the addendum, the addendum is not effective and the original Lease terms remain unchanged.
PHOENIX METRO NARPM
February 22, 2018
Call Meeting to Order – (12:00 – 12:30)
Meeting called to order 12:07 p.m.
President Welcome – Chris Lopez
- Recognize 2017 Pres Russel Hathcock
- Thank you Russ for your hard work & passion as NARPM Phoenix President
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In October, a Massachusetts landlord who refused to rent to pregnant women or families with minor children was found guilty of violating the federal Fair Housing Act and fined $40,000. The same month, the Fair Housing Justice Center in New York sued a landlord for allegedly quoting higher rental rates to black prospective tenants, rejecting applicants with public rent assistance, and making children undergo unnecessary lead tests. Five months earlier, a federal jury in Montana fined a landlord $37,000 after she charged a disabled tenant $1,000 to have a service animal. Read more>>