Property Management
In South Dakota, a property management agreement is a contract between the property owner and the property manager that specifies:
AOnly the property manager's commission rate
BThe scope of management services, compensation, authority, term, and responsibilities of both parties✓ Correct
COnly the types of tenants to be accepted
DThe mortgage terms for the managed property
Explanation
A property management agreement is a comprehensive contract that defines the relationship between the owner and manager, including: management responsibilities, owner's authority retained, manager's authority, compensation structure, duration, and termination provisions.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA 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.
Math Concepts
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