Which of the following is NOT a component of a property management agreement?

A property management agreement typically outlines the expectations and responsibilities between the property owner and the management company. Key components of this agreement usually include the responsibilities of the management company, the legal obligations of the property owner, and the duration of the management contract.

The responsibilities of the management company detail the duties they must perform, such as maintenance, rent collection, and tenant relations. The legal obligations of the property owner outline what is required of them in terms of compliance, property upkeep, and financial responsibilities. The duration of the management contract specifies how long the agreement will be in effect, ensuring both parties understand the timeline for their commitments.

In contrast, terms for sharing profits with tenants is not a standard component of such agreements. Typically, property management contracts focus on the roles and obligations regarding property rental and management, without profit-sharing arrangements with tenants, as this could lead to conflicts of interest and complicated financial arrangements that are not aligned with standard practices in property management.