Property Management
A Wisconsin property manager's management agreement should specify all of the following EXCEPT:
AManagement fee structure
BScope of manager's authority (maintenance budget limits, etc.)
CThe manager's personal investment strategy✓ Correct
DReporting requirements to the owner
Explanation
A property management agreement covers fee structure, authority, duties, and reporting requirements. The manager's personal investment strategy is irrelevant to the management of the owner's property.
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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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