Arkansas Real Estate Practice Exam

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What information must a property management agreement contain?

Only the name and address of the property owner.
Only the management fees.
Name, address, duties of the property manager and owner, management fees, and signatures among other details.
Only the signatures of the property manager and property owner.

The correct answer is: Name, address, duties of the property manager and owner, management fees, and signatures among other details.

A property management agreement must contain a variety of information in order to clearly outline the responsibilities and expectations of both the property manager and owner. This includes more than just the name and address, as mentioned in option A, and more than just the management fees, as mentioned in option B. Option D only includes the signatures of both parties, which is not enough information to fully outline the agreement. Therefore, the most comprehensive and correct answer is option C, which includes all necessary details such as the names, addresses, duties, management fees, and signatures of the involved parties.