Property Management
A NH property management agreement that is silent on the manager's authority to execute leases longer than one year would mean the manager:
AMay execute any length lease at their discretion
BShould seek specific written authorization from the owner before executing leases exceeding one year✓ Correct
CIs prohibited from executing any lease without court approval
DMay execute leases up to the term of the management agreement
Explanation
Where a management agreement is silent on specific authorities, the manager should seek the owner's written authorization for significant actions such as multi-year leases. Long-term leases represent major commitments that could affect property financing and sale prospects, requiring owner consent.
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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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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.
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