Property Management
A property manager who takes over management of a previously self-managed property should begin by:
AImmediately increasing all rents to market rate
BReviewing existing leases, tenant files, trust account status, and deferred maintenance✓ Correct
CNotifying TREC of the new management assignment
DRequiring all existing tenants to sign new leases immediately
Explanation
Taking over management of a property requires thorough review of existing leases, tenant payment history, escrow accounts, maintenance records, and the property's physical condition. This due diligence is essential before making management decisions.
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