Property Management
A NC commercial property manager whose building needs an emergency roof repair during a storm should:
AWait for owner approval before starting any emergency repairs
BAuthorize emergency repairs to protect the property and notify the owner as soon as possible✓ Correct
CLet the tenant pay for repairs and deduct from rent
DCall the NCREC for emergency authorization
Explanation
Emergency repairs to prevent further damage may be authorized by the property manager without waiting for owner approval — protecting the property is a core management duty. The owner should be notified as soon as practicable.
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Key Terms to Know
Earnest Money
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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