Property Management
In Ohio, an 'operating agreement' for an LLC that owns rental property typically addresses:
AOnly the property's legal description
BMember ownership percentages, voting rights, profit/loss distribution, and management responsibilities✓ Correct
CThe tenant's rights under ORC Chapter 5321
DBuilding permit requirements
Explanation
An LLC operating agreement is the internal governing document that establishes each member's ownership interest, voting rights, how profits and losses are shared, and who manages the entity's activities.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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.
Math Concepts
State-Specific Concepts
DRE Regulation
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