Property Management
What is a 'management agreement' in real estate property management?
AA. An agreement between two competing brokers about territory
BB. A contract between a property owner and management firm specifying duties, fees, authority, and term of the management relationship✓ Correct
CC. A lease agreement for commercial tenants
DD. An HOA agreement with residents
Explanation
A management agreement is the contract between a property owner and the property management firm. It specifies the manager's duties and authority, management fees, how expenses are handled, insurance requirements, reporting obligations, and the term and termination provisions of the relationship.
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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.
State-Specific Concepts
Continuing Education
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