Property Management
A property manager who is hired by an owner to manage a rental property is best classified as:
AAn independent principal
BA general agent with authority to bind the owner in ongoing management matters✓ Correct
CA special agent limited to one transaction
DA sub-agent of the tenants
Explanation
A property manager is typically a general agent of the owner, with ongoing authority to manage the property, collect rent, hire vendors, and bind the owner within the scope of the management agreement.
Related Nebraska Property Management Questions
- Operating expenses in a property management income analysis include:
- A property manager's primary duty to the property owner is to:
- A percentage lease, often used in retail real estate, requires the tenant to pay:
- The Americans with Disabilities Act (ADA) accessibility requirements for commercial properties are enforced by:
- A Nebraska property manager who discovers a serious structural defect in a managed property during a routine inspection should:
- A property manager's management fee is typically calculated as:
- Deferred maintenance in property management refers to:
- A percentage lease, common in retail settings, calculates rent as:
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