Property Management
A North Dakota property manager's 'management agreement' should include all of the following EXCEPT:
AManagement fee structure
BScope of services provided
CAuthorization limits for expenses
DGuaranteed rental income to the owner✓ Correct
Explanation
A management agreement defines the fee structure, services provided, and authorization limits for expenses. However, property managers cannot guarantee rental income because vacancies and tenant defaults are outside their control.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA 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.
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