Both owners and managers must carefully designate their responsibilities in the management agreement. In a management agreement, all of the following would typically be responsibilities of the property manager EXCEPT:
A) Maintenance of financial accounts for money collected from tenants
B) Liability
C) General property management
D) Reports on property performance

Question

Quizplus · Accepted Answer

Liability for the property is typically the responsibility of the owner and not the property manager, as it is the owner who owns the property and assumes the risks of ownership. The other responsibilities listed, such as maintenance of financial accounts, general property management, and providing reports on property performance, are typically included in a management agreement.

Both Owners and Managers Must Carefully Designate Their Responsibilities in the Management