Brokerage
Property management agreement
The contract appointing a manager as the owner’s general agent for a property
It sets the manager’s authority, compensation and reporting, and it creates a general agency — an ongoing relationship covering leasing, rent collection, maintenance and accounting, rather than a single transaction.
How the exam asks about it
Money handled for owners and security deposits held for tenants both go into trust accounts, which is why property management questions so often turn into trust fund questions.
Related terms
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