Property Management
In Illinois, a property management agreement is a contract between the:
ATenant and property manager
BProperty owner and the property management firm✓ Correct
CTenant and the property owner
DProperty management firm and IDFPR
Explanation
A property management agreement is a contract between the property owner (principal) and the property management firm (agent). It defines the scope of authority, compensation, duties, and term of the management relationship.
Related Illinois Property Management Questions
- What is 'expense stop' in commercial leasing and how does it affect tenant costs in Illinois?
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