Property Management
A Wyoming property manager who hires a contractor to repair a roof on a managed property should ensure the contractor:
AIs a personal friend of the manager to reduce costs
BIs licensed and insured, and obtain the owner's approval for major expenses per the management agreement✓ Correct
CAccepts payment in cash to save on accounting costs
DIs also a licensed real estate agent
Explanation
Property managers have a fiduciary duty to the owner. Major repair expenditures should be pre-approved by the owner per the management agreement (except in emergencies). Contractors should be licensed and insured to protect the owner from liability and ensure quality work.
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