Property Management
In Rhode Island, what is 'absentee landlord' management and what challenges does it present?
AA landlord who personally manages their property from a distance
BAn owner who is not present to manage the property; a professional property manager is typically needed to handle day-to-day operations✓ Correct
CA landlord with vacant properties
DA government program for abandoned properties
Explanation
Absentee landlord situations arise when property owners cannot be present to manage their rental properties. Professional property managers fill this role, handling maintenance, tenant relations, and compliance with local laws.
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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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