Property Management
A Vermont property owner hires a property management company. The management agreement is best classified as which type of agency?
ASpecial agency (limited to a single transaction)
BGeneral agency (authority to act for the owner in an ongoing series of management activities)✓ Correct
CUniversal agency (authority over all of the owner's affairs)
DDual agency
Explanation
A property management relationship creates a general agency, where the manager has ongoing authority to act on behalf of the owner for a range of management activities (collecting rent, arranging repairs, leasing units) within the scope of the management agreement.
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