Property Management
A Minnesota property manager receives a notice from the city of building code violations on a managed property. The manager should:
AIgnore it since the owner is responsible for code compliance
BNotify the property owner immediately and document the notification✓ Correct
CCorrect the violations without notifying the owner to save time
DForward the notice to the tenant since they caused the violation
Explanation
A property manager must promptly notify the property owner of any code violations. The owner must decide how to respond, and the manager's role is to keep the owner informed and implement the owner's decisions.
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Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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