Property Management
A NC residential property manager's duties to the owner typically include all EXCEPT:
ACollecting rents
BMarketing vacant units
CProviding legal advice on tax law✓ Correct
DOverseeing repairs and maintenance
Explanation
Property managers handle operations (leasing, maintenance, collections) but providing legal or tax advice is outside their scope and would constitute unauthorized practice of law or accounting.
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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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