Property Management
A property manager's fiduciary duty of care to the property owner requires the manager to:
AMaximize rent revenue regardless of market conditions
BExercise the level of care and skill that a competent property manager would use in managing similar property✓ Correct
CPersonally guarantee all tenant rent payments
DMaintain the property at the highest standard regardless of cost
Explanation
The duty of care requires a property manager to exercise the level of care and skill that a competent professional manager would use in managing similar property under similar circumstances. This is an objective standard — not perfection, but reasonable professional competence.
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