Property Management
A New Mexico property manager enters into a management agreement. This agreement must be in writing and include all of the following EXCEPT:
AThe manager's compensation
BThe property's description
CThe owner's Social Security number✓ Correct
DThe scope of the manager's authority
Explanation
A property management agreement must include the property description, compensation terms, scope of authority, duration, and other essential terms. The owner's Social Security number is not required in the management agreement itself.
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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.
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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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