Arkansas Real Estate Practice Exam

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What should a property management agreement specify regarding its termination?

The method by which it can be terminated.
It cannot be terminated once signed.
That it automatically renews without consent.
Only the property owner can terminate it.

The correct answer is: The method by which it can be terminated.

A property management agreement should specify the method by which it can be terminated. This is important because it ensures that both parties are aware of how the agreement can come to an end, and that it can be done in a fair and mutually agreed upon manner. Option B is incorrect because a property management agreement can and should have a termination clause in case of any unforeseen circumstances. Option C is incorrect because an agreement that automatically renews without consent can be disadvantageous to either party. Option D is incorrect because termination of a property management agreement may also be initiated by the property management company, depending on the terms stated in the agreement.