Illinois 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 outlines the property manager's authority, detailing the scope of their decision-making and responsibilities. This ensures clarity in management operations.
Option A is incorrect as the agreement does not typically specify individual employee responsibilities but rather the overall duties of the property manager. Option B is not relevant, as tenant names change frequently and are not a focus of the management agreement. Option C, while related to financial aspects, is not the primary purpose of the agreement, which centers on the delegation of authority rather than specific lease amounts.
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