A property owner hires a licensed broker to manage a 50-unit apartment building. The broker screens tenants, collects rents, and handles maintenance. What type of agency relationship does the broker have with the owner?
Correct Answer
A) General agent
A property manager who handles ongoing operations such as tenant screening, rent collection, and maintenance acts as a general agent authorized to handle a broad range of ongoing acts for the principal.
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Related Topics & Key Terms
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Related Concepts
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
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- → For the Kentucky state portion, how should a candidate analyze tenant security deposits will be collected?
- → A licensee in Iowa encounters security deposits and prepaid rents are part of the management relationship. What should the licensee remember?
- → A commercial landlord offers a new tenant a rent-free period of three months at the beginning of a five-year lease. What is this incentive commonly called?
- → A commercial tenant wants to sublease half of her leased space to another business. The original lease is silent on subleasing. Can the tenant sublease the space?
- → What is a 'triple-net lease' (NNN) in commercial real estate?
- → A retail tenant has a percentage lease with a base rent of $2,500 per month and pays 5 percent of annual gross sales over a $400,000 breakpoint. The tenant's annual gross sales are $600,000. What is the tenant's total annual rent?
- → What is a 'ground lease' in commercial real estate?
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- → A commercial real estate broker is explaining lease types to a prospective tenant. All of the following are characteristics of a ground lease EXCEPT.
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