Property Management
In Kentucky, a property manager's authority to make lease renewal decisions on behalf of the owner must be:
AAssumed from their general management role
BSpecifically granted in the management agreement✓ Correct
CApproved by KREC
DImplied from their title of 'property manager'
Explanation
The scope of a property manager's authority must be specifically defined in the management agreement. Authority to make lease renewal decisions should be expressly granted, not assumed.
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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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