Property Management
Which of the following is typically NOT the property manager's responsibility under a management agreement?
ACollecting rents
BSupervising maintenance
CNegotiating the sale price of the property✓ Correct
DHandling tenant complaints
Explanation
Property managers handle day-to-day operations but typically do not negotiate the sale price of the managed property. If a sale occurs, that is usually handled by the property owner or a separate listing broker.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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