Property Management
A Montana commercial property manager is responsible for a multi-tenant office building. Their management duties include all EXCEPT:
ACoordinating tenant improvements and maintenance
BPreparing annual financial statements for the owner
CSelecting the tenants' employees on behalf of tenants✓ Correct
DEnforcing lease terms and collecting rents
Explanation
A property manager's duties cover the property and lease relationship—not managing tenant businesses or selecting tenant employees. Managers coordinate physical operations, financial management, and lease administration.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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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