New Jersey Real Estate Exam Practice Question
A property management agreement is a contract which identifies which one of the following?
Correct Answer: D
Rationale: A property management agreement primarily defines the property manager's authority, outlining their responsibilities and decision-making powers in managing the property.
Option A is incorrect as it does not specifically address the contractual relationship between the property owner and the manager. Option B is not relevant; tenant names are not typically included in this agreement. Option C, while related to property management, focuses on financial aspects rather than the management authority itself. Thus, the agreement's core purpose is to clarify the property manager's scope of authority, ensuring effective management and communication.
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