Management Agreement
Flashcard
•
Professional Development
•
•
Practice Problem
•
Hard
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6 questions
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1.
FLASHCARD QUESTION
Front
What is the primary purpose of the Management Agreement?
Back
To outline the responsibilities of the manager and owner
2.
FLASHCARD QUESTION
Front
The ________ is responsible for overseeing property maintenance, collecting rent, and managing ________ records.
Back
Manager, Financial
3.
FLASHCARD QUESTION
Front
According to the agreement, which of the following is a key duty of the manager? a) Selling the property, b) Handling property maintenance and repairs, c) Living in the managed property, d) Providing legal consultation
Back
Handling property maintenance and repairs
4.
FLASHCARD QUESTION
Front
The manager is compensated based on a percentage of ________ income or as otherwise agreed in the contract.
Back
rental
5.
FLASHCARD QUESTION
Front
Under what circumstances can the agreement be terminated? a) Only if the owner sells the property, b) If either party provides proper notice, c) If the manager decides to leave without informing the owner, d) Only if a court orders it
Back
If either party provides proper notice
6.
FLASHCARD QUESTION
Front
Is the manager responsible for ensuring that all financial records related to the property are properly maintained?
Back
True
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