A property management company manages several apartment complexes. All of the following are typical duties of a property manager EXCEPT.
Correct Answer
A) Setting the assessed value the county uses for the tax bill
Assessed value is set by the county assessor. A manager can appeal an assessment for the owner, but setting the assessed value the county uses for the tax bill is not a thing any private party does. Other choices: collecting rent and accounting for all income and expenses is the core of the engagement; coordinating maintenance and repairs is what the owner is buying; and screening and selecting tenants against objective criteria is a duty, with the word objective carrying the fair housing weight.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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