Property Management
Which document establishes the ongoing relationship between a property owner and a property management company and should be signed before any management services begin?
AA listing agreement
BA property management agreement✓ Correct
CA lease agreement
DA buyer representation agreement
Explanation
A property management agreement (also called a management contract) is the employment contract between the property owner (principal) and the property manager (agent). It defines the manager's authority, compensation, duties, duration, and termination provisions. California requires this agreement to be in writing when a broker manages property for others.
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