Property Management
A West Virginia property manager is hired to manage a 50-unit apartment complex. The manager's primary fiduciary duty is owed to:
AThe tenants of the complex
BThe property owner (principal)✓ Correct
CThe local government
DThe mortgage lender
Explanation
A property manager acts as an agent for the property owner. The primary fiduciary duty — including loyalty, care, accounting, and obedience — is owed to the owner as the principal in the agency relationship.
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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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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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