What is a property management agreement?

A property management agreement is a legal contract between the owner of real estate and a property manager that outlines the specific responsibilities and duties of the property manager as well as the compensation they will receive for their services. This agreement typically details tasks such as renting out the property, collecting rents, managing maintenance and repairs, and ensuring compliance with real estate laws and regulations. It provides clarity for both parties on expectations and helps protect the owner's investment by ensuring that a professional is managing the property effectively.

The other options fail to accurately describe what a property management agreement entails. For instance, a contract detailing property taxes owed does not address management roles or relationships. Likewise, a lease pertains to the relationship between a tenant and landlord, while a document used to sell property involves different legal considerations entirely. Thus, the comprehensive nature of option B makes it the correct choice for defining a property management agreement.