New Jersey Real Estate Practice 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 outlines the property manager's authority, detailing their powers and responsibilities in managing the property effectively. This clarity ensures that both the property owner and the manager understand their roles.
Option A is incorrect as employee responsibilities are typically outlined in employment contracts, not property management agreements. Option B is not relevant since tenant names are not a focus of this agreement; it centers on management duties. Option C, while related to property finances, does not directly pertain to the management authority, which is the primary focus of the agreement.
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