Property Management
A Maine property manager discovers that the building they manage has a carbon monoxide detector issue in multiple units. The property manager should:
AWait for the owner's approval before doing anything
BImmediately address the issue as it is a life-safety emergency✓ Correct
CNotify tenants only if they complain
DFile a report with the MREC
Explanation
Carbon monoxide is a life-threatening hazard. A property manager has a duty (and in Maine, a legal obligation under carbon monoxide detector laws) to immediately address life-safety issues without waiting for owner approval.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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.
State-Specific Concepts
DRE Regulation
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