Illinois Real Estate Broker Exam — All Questions

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1 questions

Property Management

A property manager who enters into a management agreement with an owner is acting as the owner's:

  • a.Trustee
  • b.Fiduciary agent✓
  • c.Independent buyer
  • d.Lienholder

A property manager is a fiduciary agent of the owner and must manage the property in the owner's best interest, including accounting for funds and maximizing return. This creates the same core duties as other agency relationships.

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