Property Management
A Virginia property management agreement should specify which of the following?
AThe owner's social security number
BManagement fees, scope of authority, reporting requirements, and term of the agreement✓ Correct
CThe tenant's personal information
DVREB staff approval
Explanation
A well-drafted Virginia property management agreement should clearly define the management fee structure, the manager's scope of authority (leasing, repairs, etc.), reporting and accounting obligations, and the agreement's term.
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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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