Property Management
A property manager's primary fiduciary duty is owed to:
AThe tenants in the building
BThe property owner (principal)✓ Correct
CThe local municipality
DThe mortgage lender
Explanation
A property manager acts as the owner's agent and owes fiduciary duties — loyalty, confidentiality, disclosure, obedience, care, and accounting — to the property owner as their principal.
Related New York Property Management Questions
- In New York City, the 'Rent Freeze Program' (also called the Senior Citizen Rent Increase Exemption, SCRIE) allows eligible senior citizens in rent-stabilized apartments to:
- In New York, under the 'Housing Court' system, a landlord seeking to evict a non-paying tenant must:
- A New York property manager who collects rents and security deposits must:
- In New York City, the '421-a' tax exemption (now Affordable New York) incentivizes developers to:
- A 'percentage lease' used in New York City retail properties typically requires the tenant to pay:
- Under New York's warranty of habitability (Real Property Law §235-b), a landlord must:
- In New York, a landlord may legally refuse to renew a rent-stabilized lease for owner occupancy only if:
- New York's 'preferential rent' tenant protection enacted in 2019 means that landlords of rent-stabilized units who had been charging a preferential rent:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →