Property Management
The operation, oversight, and administration of real estate on behalf of the property owner.
A property manager is hired by a property owner to handle the day-to-day operations of a rental property. Duties include collecting rent, screening tenants, maintaining the property, handling repairs, enforcing lease terms, and managing the budget. In New York, a property manager who negotiates leases or collects rent on behalf of others must hold a real estate broker's license. The management agreement between the owner and manager should specify the manager's authority, compensation, and responsibilities.
Exam Tip
In NY, property management that involves leasing or collecting rent requires a broker's license. A salesperson cannot manage property independently. They must work under a broker.
Study Guide
Property Management
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NY Real Estate Property Management
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