Property Management
A Connecticut property manager is required to carry which type of professional insurance to protect against claims of errors and omissions in providing management services?
AWorkers' compensation insurance
BErrors and omissions (E&O) insurance✓ Correct
CTitle insurance
DFlood insurance
Explanation
Errors and omissions (E&O) insurance protects real estate professionals—including property managers—against claims of negligence, errors, or omissions in providing professional services. It is strongly recommended and sometimes required by management company policies.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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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