Property Management
What is a property management agreement in Nevada?
AA lease between landlord and tenant
BA contract between a property owner and a licensed property manager specifying the manager's duties, authority, and compensation✓ Correct
CA government-issued permit to manage rental properties
DA standard form provided by NRED for all property managers
Explanation
A property management agreement is a contract between the property owner (principal) and the property manager (agent) that defines the scope of management duties, the manager's authority, compensation/fees, and the term of the agreement. It is required in Nevada when a licensee manages property for others.
People Also Study
Related Nevada Questions
- A Nevada property manager earns 8% of monthly rents collected on a portfolio of 50 units, each renting at $1,400/month. What are the monthly management fees?Real Estate Math
- In Nevada, can a licensee representing a buyer also accept compensation from the seller without violating agency duties?Agency
- A Nevada licensee who acts as a property manager for a landlord is the landlord's:Agency
- In Nevada, a property management agreement must be in writing and should include:Property Management
- In Nevada, a listing agreement is a contract between:Contracts
- Under Nevada law, which element is NOT required for a valid real estate contract?Contracts
- A Nevada licensee who acts as a principal in a real estate transaction (buying or selling for their own account) must:Nevada License Law
- What is the Nevada requirement for a property management company wishing to manage residential properties for others?Nevada License Law
Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Study This Topic
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →