Property Management
A Wisconsin property manager who enters into a property management agreement has a fiduciary duty to the property owner that includes:
AMaximizing the manager's own fees
BLoyalty, full disclosure, accounting, obedience to lawful instructions, and care in managing the property✓ Correct
COnly maintaining the property's physical condition
DReporting to DSPS rather than the property owner
Explanation
A property manager in a fiduciary relationship owes the property owner the full range of fiduciary duties: loyalty, full disclosure of all material information, accurate accounting of all funds, and competent management.
People Also Study
Related Wisconsin Questions
- A Wisconsin property manager is responsible for a building on behalf of an owner. The property manager owes fiduciary duties to the:Property Management
- A Wisconsin property manager enters into a management agreement with a property owner. This agreement should specify:Property Management
- A Wisconsin property management agreement is terminated by the property owner before the agreement's expiration. The manager may be entitled to:Property Management
- A Wisconsin property manager's fiduciary duty to the property owner includes:Property Management
- A Wisconsin licensee who acts as a property manager for a rental property and also lists the property for sale owes the owner a duty to:Agency
- Under Wisconsin agency law, a licensee's duty of 'disclosure' to their client requires sharing information that:Agency
- A Wisconsin licensee's fiduciary duty of 'loyalty' means they must place the client's interests:Agency
- Under Wisconsin law, a buyer's agent owes the buyer all of the following duties EXCEPT:Agency
Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Study This Topic
Practice More Wisconsin Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wisconsin Quiz →