Property Management
A management agreement between an owner and a property manager is what type of agency relationship?
AGeneral agency✓ Correct
BSpecial agency
CUniversal agency
DSub-agency
Explanation
A property manager typically has a general agency relationship with the owner — they have ongoing authority to manage the property on the owner's behalf over a period of time, not just for a single transaction.
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Key Terms to Know
Listing Agreement
A 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.
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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