What must licensees with an ownership interest in rental property do?

Licensees with an ownership interest in rental property are required to comply with the landlord-tenant act. This legislation outlines the responsibilities and rights of both landlords and tenants, ensuring that rental practices are fair and equitable. Adhering to the landlord-tenant act is essential to maintain legal and ethical standards in property management and rental agreements.

This act typically includes regulations regarding security deposits, lease agreements, eviction processes, and the rights of tenants to safe and habitable living conditions. Understanding and following these regulations is critical for licensees to avoid legal disputes and uphold the integrity of their rental practices.

Options such as ignoring local housing laws or solely following company policy do not align with the responsibilities of licensees. Compliance with applicable laws and regulations is crucial for operating within the legal framework of real estate and protecting the interests of both parties involved in rental agreements.