Colorado Real Estate Broker Exam — All Questions

A property manager who signs a management agreement to operate an apartment building on the owner's behalf functions as the owner's:

• a.General contractor
• b.Trustee in bankruptcy
• c.Agent with fiduciary duties✓
• d.Independent adverse party

A property manager is an agent of the owner and owes fiduciary duties, including loyalty, accounting for funds, and acting in the owner's best interest. The management agreement defines the scope of authority, compensation, and responsibilities such as leasing, maintenance, and rent collection. The manager is not an adverse party and is not merely a construction contractor.