PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM GLOSSARY
A property management agreement is a written contract authorizing a manager or brokerage to operate rental property for an owner within stated powers, duties, fees, term, reporting, leasing, maintenance, trust-fund, and termination provisions.
Property Management
Property management
Define, distinguish, apply, retrieve
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PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEBuild the complete exam definition
Learn the rule, separate it from the nearest distractor, then apply it to a Georgia fact pattern.
What does Property management agreement mean?
A property management agreement is a written contract authorizing a manager or brokerage to operate rental property for an owner within stated powers, duties, fees, term, reporting, leasing, maintenance, trust-fund, and termination provisions.
How do you separate the nearest exam answer?
The management agreement creates authority between owner and manager. A lease creates possession and payment rights between landlord and tenant.
What changes or stays the same in Georgia?
Georgia brokerage and trust-account rules apply when a licensee manages property for another. Authority to spend, sign leases, hold deposits, and hire vendors must come from the agreement and law.
An owner authorizes a brokerage to advertise units, screen applicants under lawful criteria, collect rent, arrange repairs within a dollar limit, and report monthly.
A manager's broad operational role does not create unlimited authority to sell, borrow against, or materially alter the property.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDERetrieve the rule under exam conditions
Answer before reading the explanation. Then explain why every distractor belongs to a different term.
A brokerage manages a rental house under a written agreement that lets it lease the unit, collect rent, and order repairs up to $1,000. A buyer makes a strong offer to purchase the house. What authority does the manager have?
- A
Full authority, since managing includes deciding to sell
- B
Authority to accept, since the price exceeds market value
- C
Authority to accept, as long as the tenant agrees to it
- D
No authority to sell, since the agreement does not grant it
A manager's authority comes from the management agreement, and this one covers leasing, rent collection, and limited repairs. A broad operational role does not include power to sell, borrow against, or materially change the property. The offer goes to the owner to decide.
Mark each box only when you can perform the skill without looking.
I can define the term in one precise sentence.
I can separate it from the closest look-alike.
I can explain the Georgia rule or confirm that the national rule applies.
I can answer the practice check and explain every option.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEConnect the term to the wider exam
Use these relationships to move from isolated recall to a connected exam model.
Property Management complete lesson
https://www.passgeorgiarealestate.com/study-guide/property-management/manager-duties
Official exam administration and content-outline source.
https://test-takers.psiexams.com/api/content/bulletin/4672GREC's official portal to Title 43, Chapter 40 and related real estate laws.
https://grec.state.ga.us/information-research/license-law/Official Georgia Secretary of State publication of Commission rules governing licensure and brokerage.
https://rules.sos.ga.gov/gac/520-1