Property Management
A Michigan property manager's responsibilities typically include all of the following EXCEPT:
ACollecting rents
BAdvertising vacancies
CHandling maintenance and repairs
DProviding legal representation to the owner in litigation✓ Correct
Explanation
Property managers collect rents, market vacancies, oversee maintenance, and manage day-to-day operations. Providing legal representation in litigation requires a law license, not a real estate license, and is outside a property manager's scope.
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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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