Property Management
An Alabama property manager's primary duty is to:
AMaximize the owner's investment return✓ Correct
BKeep rents as low as possible for tenants
CMaintain the property regardless of cost
DRepresent tenants in disputes with the owner
Explanation
A property manager's primary duty is to act in the best interests of the property owner. This typically means maximizing net operating income, maintaining the property's value, and minimizing vacancies.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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