Property Management
Which document establishes the management authority, compensation, and duties of a Hawaii property manager?
AThe lease agreement
BThe property management agreement✓ Correct
CThe escrow instructions
DThe seller's disclosure statement
Explanation
The property management agreement is the contract between the property owner and management company that defines the scope of management authority, management fees, reporting obligations, and other duties.
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Key Terms to Know
Fair Housing Act
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
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BlockbustingAn illegal practice of inducing homeowners to sell by claiming that the entry of minority groups will lower property values.
RedliningAn illegal practice where lenders or insurers deny services or charge higher rates in certain neighborhoods based on the racial or ethnic composition of those areas.
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