Property Management
What is a 'management agreement' and what should it specify in Nevada?
AA standard form provided by NRED for all property management relationships
BA written contract between the property owner and property manager that specifies the scope of management services, compensation, owner approval thresholds, duration, and termination provisions✓ Correct
CAn agreement between two property management companies to share listings
DA lease agreement used for commercial properties only
Explanation
A property management agreement in Nevada is a legally binding contract that must be in writing under NRS 645. It should specify: the property address, management fees (usually 8-12% of gross rents for residential), maintenance authorization limits, the manager's authority to sign leases and collect rent, reporting requirements, duration, and termination provisions.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA 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.
State-Specific Concepts
DRE Regulation
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