Property Management
What is a 'management agreement' in Delaware property management?
AA lease agreement signed by the tenant and property management company
BA written contract between a property owner and a property management company defining the scope of management services, management fees, authority, duties, and the term of the agreement✓ Correct
CA government contract for managing public housing in Delaware
DA written agreement among multiple co-owners for managing a jointly owned property
Explanation
A management agreement is the foundational contract establishing the property manager-owner relationship. It specifies: property description, management fee structure, scope of services, manager's authority (leasing, maintenance approvals, spending limits), owner's responsibilities, term and termination provisions, and insurance requirements.
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