Property Management
A North Dakota property manager enters into a 5-year management agreement. What must the management agreement include to be valid?
AOnly the management fee
BThe parties, property description, scope of authority, management fee, and duration of the agreement✓ Correct
COnly the property owner's signature
DNDREC approval stamp
Explanation
A valid management agreement should identify the parties, describe the property, define the manager's scope of authority, state the management fee, specify the agreement's duration, and address any other key terms.
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