Property Management
A Virginia property manager enters into a management agreement. This agreement is most similar to which type of agency relationship?
ASpecial agency — limited to one specific transaction
BGeneral agency — broad authority to act in ongoing business matters✓ Correct
CUniversal agency — unlimited authority
DDual agency — representing both owner and tenant
Explanation
A property manager operates under a general agency relationship, with ongoing authority to manage the property, collect rents, arrange repairs, and handle day-to-day matters on behalf of the owner.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same 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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