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National curriculum lesson 104 · Property Management

Property-Manager Duties, Maintenance, Risk, Reporting, and Contracts

A property manager protects the owner's asset and income within a written management agreement. Core work includes budgeting, rent collection, leasing, tenant relations, inspections, preventive and corrective maintenance, vendor control, insurance coordination, legal compliance, risk management, accounting, and reporting. Authority and spending limits come from the agreement, law, and broker supervision.

Facts checked against the current PSI Candidate Information Bulletin and GREC sources. Last reviewed August 2, 2026. Editorial standards.

What is the exam-ready answer?

A property manager protects the owner's asset and income within a written management agreement. Core work includes budgeting, rent collection, leasing, tenant relations, inspections, preventive and corrective maintenance, vendor control, insurance coordination, legal compliance, risk management, accounting, and reporting. Authority and spending limits come from the agreement, law, and broker supervision.
Official syllabus mapping for Property-Manager Duties, Maintenance, Risk, Reporting, and Contracts
Roadmap lesson104 of 500
Official syllabus topicProperty-Manager Duties, Maintenance, Risk, Reporting, and Contracts
Official PSI areaProperty Management
Published area weight3% of the 100-question national portion
Exam portionNational salesperson portion
Source editionPSI Georgia Candidate Information Bulletin dated July 1, 2026
Last verifiedAugust 2, 2026

The Rule

PSI publishes the weight for the complete content area, not a fixed question count for this lesson. Learn the rule well enough to apply it when PSI changes names, numbers, or parties in a new scenario.

Complete lesson

Read each concept as part of one decision system. The exam often gives one accurate statement and three statements that belong to a nearby concept.

Management agreement

The agreement defines property, term, services, authority, fees, funds, reserves, leasing power, maintenance limits, reporting, insurance, indemnity, and termination.

Maintenance and vendors

Preventive maintenance protects value and reduces emergencies. Work orders should track priority, authorization, access, completion, invoices, warranties, and vendor insurance or qualifications.

Risk and insurance

Managers identify hazards, document incidents, preserve evidence, follow emergency plans, and coordinate with owners and insurers without practicing outside licensed expertise.

Budgets and reports

Operating budgets forecast income, expenses, capital needs, and reserves. Reports reconcile rent rolls, receivables, payables, bank activity, vacancies, maintenance, and variance from budget.

Decision rule

Check written authority, urgency, budget, life-safety risk, documentation, and broker approval before acting.

Georgia-specific distinction

In Georgia, property management for another for compensation is licensed brokerage activity unless an exemption applies. A salesperson works through the broker; trust-account control, supervision, contracts, and reporting ultimately sit within the brokerage's legal structure.

Worked example

Scenario. A burst pipe is causing active damage, but the owner cannot be reached and the agreement authorizes emergency work without a dollar cap.

Reason it through. The manager has written emergency authority and a duty to mitigate immediate property damage while documenting the response.

Answer. Arrange reasonable emergency mitigation, record actions and costs, and notify the owner and broker promptly.

Common exam traps

  • Exceeding written authority
  • Deferring life-safety emergencies
  • Using uninsured vendors without review
  • Confusing salesperson tasks with broker trust-account responsibility

Original practice questions with detailed explanations

These questions were written for instruction and mapped to the current outline. They are not copied from PSI or any live examination. Choose an answer before opening the explanation.

Question 1

What primarily defines a manager's authority?

  1. A. Written management agreement and law
  2. B. Tenant rumor
  3. C. Appraisal
  4. D. Plat
Show answer and explanation →

Answer: A. Written management agreement and law

The agreement, governing law, and broker supervision establish scope and limits.

Question 2

What is preventive maintenance designed to do?

  1. A. Reduce failure and protect the asset
  2. B. Transfer title
  3. C. Replace insurance
  4. D. Set zoning
Show answer and explanation →

Answer: A. Reduce failure and protect the asset

Planned service can extend useful life, reduce interruption, and control long-term cost.

Question 3

Who supervises a Georgia salesperson's management activity?

  1. A. Affiliated broker
  2. B. Tenant
  3. C. Appraiser
  4. D. County assessor
Show answer and explanation →

Answer: A. Affiliated broker

A salesperson performs licensed brokerage activity through and under the affiliated broker.

Mastery tracking

Mark this lesson mastered only when every statement is true.

  • State the direct answer and decision rule without notes.
  • Explain every core concept in plain English.
  • Solve the worked example after changing one important fact.
  • Identify the Georgia distinction before reading answer choices.
  • Answer all three questions correctly and reject every distractor.
  • Repeat the topic in mixed practice on a later day.

Recommended next lesson

Continue with Landlord-Tenant Rights, Funds, Trust Accounts, and Disbursements. Continue to roadmap lesson 105 and build on this decision rule.

Return to the Property Management hub to see every official branch and the complete lesson sequence for this content area.

Property-Manager Duties, Maintenance, Risk, Reporting, and Contracts questions

Facts checked against the current PSI Candidate Information Bulletin and GREC sources. Last reviewed August 2, 2026. Editorial standards.

Is Property-Manager Duties, Maintenance, Risk, Reporting, and Contracts on the Georgia real estate exam?

Yes. It belongs to PSI's Property Management content area, which is 3% of the 100-question national portion. PSI publishes content-area weights, not a guaranteed question count for this individual lesson.

What is the main rule for Property-Manager Duties, Maintenance, Risk, Reporting, and Contracts?

Check written authority, urgency, budget, life-safety risk, documentation, and broker approval before acting.

What Georgia-specific distinction should I remember?

In Georgia, property management for another for compensation is licensed brokerage activity unless an exemption applies. A salesperson works through the broker; trust-account control, supervision, contracts, and reporting ultimately sit within the brokerage's legal structure.

How do I know I have mastered this lesson?

Explain the rule without notes, solve the worked example again with changed facts, answer all original questions correctly, explain every distractor, and repeat mixed practice on a later day.