Property Management
What is a 'management fee' in a property management agreement?
AA one-time fee charged when a new tenant moves in
BA periodic fee (usually a percentage of collected rent) paid to the property manager for ongoing management services✓ Correct
CA fee charged to the tenant for property maintenance
DA tax paid to the county for managing rental property
Explanation
The management fee is the ongoing compensation paid by the property owner to the property manager, typically expressed as a percentage (e.g.
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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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