Arkansas Real Estate Practice Exam

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Who must sign the property management agreement?

Only the property owner.
Both the property manager or executive broker and property owner.
Only the property manager.
The tenants.

The correct answer is: Both the property manager or executive broker and property owner.

The property management agreement is a legal contract between the property owner and the property manager or executive broker. This agreement outlines the roles and responsibilities of both parties and must be signed by both in order to be valid. Option A is incorrect because it only includes the property owner and does not include the property manager who is also a key party in the agreement. Option C is incorrect because the property manager alone does not have the authority to enter into a contract without the consent of the property owner. Option D is also incorrect as the tenants are not directly involved in the management of the property and therefore do not need to sign the agreement. The correct answer is option B as both the property manager or executive broker and the property owner must sign the agreement.