Property Management
A property manager's primary duty to the property owner is to:
AMaximize occupancy at any rental rate
BManage the property in the owner's best interest to maximize return on investment✓ Correct
CAlways recommend the cheapest maintenance contractors
DEnsure tenants have the lowest possible rent
Explanation
A property manager owes fiduciary duties to the property owner and must manage the property in the owner's best interest, which typically means maximizing net income while maintaining the property's condition.
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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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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