Property Management
A South Dakota property manager's annual report to property owners should include:
AOnly the year-end profit figure
BIncome and expense statements, maintenance logs, and a property condition summary✓ Correct
CThe property manager's personal financial disclosures
DSDREC license renewal confirmations
Explanation
Annual reports to owners should provide comprehensive financial reporting (income/expenses), property maintenance history, occupancy data, and market conditions to help owners make informed decisions.
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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.
Math Concepts
State-Specific Concepts
DRE RegulationLicense Law
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