Property Management
A Utah property management agreement that grants the manager authority to sign leases on behalf of the owner must:
ABe approved by the Division of Real Estate
BInclude written authorization (the Equal Dignities Rule requires authority to sign a writing must also be in writing)✓ Correct
CBe notarized
DBe co-signed by the principal broker
Explanation
The Equal Dignities Rule requires that authority to sign a contract must itself be in writing. A management agreement must expressly grant written authority to execute leases on the owner's behalf.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
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