Contracts
An Alaska broker enters into a property management agreement with a rental property owner. The agreement creates a(n):
APartnership between the broker and owner
BAgency relationship in which the broker manages the property as the owner's agent✓ Correct
CIndependent contractor relationship with no fiduciary duties
DSale and leaseback arrangement
Explanation
A property management agreement creates an agency relationship. The property owner is the principal and the managing broker is the agent, authorized to manage the property on the owner's behalf. The broker owes the owner fiduciary duties including loyalty, confidentiality, and accounting.
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