Property Management
A Colorado property manager presented with a fraudulent lease application should:
AAccept it since the property owner takes all risks
BReject the application and document the fraud✓ Correct
CAccept it but increase the security deposit
DApprove it with a shorter lease term
Explanation
A property manager has a duty to the property owner to exercise due diligence in screening tenants. A fraudulent application should be rejected and documented.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA 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.
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