Property Management
When should a property manager update the owner on the property's financial performance?
AOnly when there are problems or vacancies
BRegularly, as specified in the management agreement (typically monthly)✓ Correct
CAnnually, in conjunction with the property tax assessment
DOnly when the owner requests a report
Explanation
A property manager should provide regular financial reports to the owner (typically monthly) as part of their accounting duty. These reports include income, expenses, vacancies, maintenance activities, and the property's overall financial performance.
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Key Terms to Know
Listing Agreement
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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