Property Management
When a property manager enters into a contract with a vendor or contractor on behalf of an owner, the property manager is acting as:
AAn independent principal with full authority
BAn agent of the owner, and the owner is typically the contracting party✓ Correct
CA personal guarantor of the vendor's services
DA representative of both the owner and the vendor
Explanation
When a property manager contracts with vendors on behalf of an owner, they are acting as an agent of the owner. The owner (principal) is typically the party to the contract. The manager's authority to enter such contracts should be clearly defined in the property management agreement.
Related Illinois Property Management Questions
- In Illinois, an owner who receives a 5-day notice to pay rent or vacate has how many days to pay the rent before eviction proceedings can begin?
- A property manager's fiduciary duty of care to the property owner requires the manager to:
- A property manager collects a security deposit of $1,500 from a new tenant. Under Illinois law, this money must be:
- Under the Chicago Residential Landlord and Tenant Ordinance (RLTO), within how many days must a landlord return a security deposit after a tenant vacates?
- Which of the following is typically NOT included in a property management agreement?
- In Chicago, the Security Deposit Return Ordinance requires landlords to provide tenants with an itemized list of damages and retain supporting documentation within how many days of the tenant vacating?
- A triple net (NNN) lease requires the tenant to pay:
- The Chicago Residential Landlord and Tenant Ordinance (RLTO) applies to:
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