Property Management
In New Mexico, a property management agreement should specify whether the manager has authority to:
AChange ownership of the property
BExecute leases, hire contractors, and spend up to a specified amount without prior owner approval✓ Correct
CRezone the property
DSell the property on behalf of the owner
Explanation
A well-drafted property management agreement defines the scope of the manager's authority including lease execution, maintenance spending limits, and contractor hiring—all with or without prior owner approval.
Related New Mexico Property Management Questions
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