Property Management
A property manager's PRIMARY fiduciary responsibility is to:
AThe tenants living in the property
BThe property owner (principal)✓ Correct
CThe local housing authority
DThe property management company
Explanation
A property manager acts as an agent for the property owner (the principal) and owes fiduciary duties to the owner, including loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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