Property Management
A West Virginia property manager is hired under a one-year management agreement. The agreement contains a 30-day termination clause. If the owner terminates without cause on day 90:
AThe manager has no recourse since the owner has the right to terminate
BThe manager may be entitled to compensation for the remaining term or per the termination clause✓ Correct
CThe manager must complete the full year regardless of owner's wishes
DWVREC mediates all management agreement disputes automatically
Explanation
Management agreements are contracts. If the agreement contains a 30-day termination clause, the owner must provide proper notice and may owe compensation for the notice period.
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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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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