Property Management
A North Dakota commercial property under property management generates revenue from multiple tenants. The property manager's responsibility includes providing the owner with:
AMonthly financial reports detailing income, expenses, and trust account balances✓ Correct
BQuarterly verbal updates only
CAnnual income tax preparation only
DOnly reports when the owner requests them
Explanation
Property managers have a duty to keep owners informed about their property's financial performance. Most management agreements require regular written financial reports (typically monthly) showing rent collected, expenses paid, and trust account activity.
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