Chapter 8 of 143% of exam
Property Management
Property managers run real estate for owners to protect value and produce income. The role carries agency and legal duties.
The Manager's Role
Under a written management agreement, the manager is the owner's fiduciary agent responsible for leasing, rent collection, maintenance, and accounting. The manager must maximize the owner's return while preserving the property. Trust funds belonging to owners and tenants must be kept separate.
Landlord-Tenant and Fair Housing
Managers must follow landlord-tenant law on leases, security deposits, and evictions. Fair housing laws apply to rentals, prohibiting discrimination in advertising and screening. Properties must meet habitability standards for safety and livability.