PSI Oklahoma Real Estate Practice Test

What is a key responsibility of a property manager in a real estate setting?

1. Executing formal contracts for sale

2. Negotiating tenant leases

3. Maintaining personal relationships with clients

4. Conducting property sales

The correct answer is: Negotiating tenant leases

Negotiating tenant leases is a key responsibility of a property manager in a real estate setting because it directly involves the management of tenant relationships and the financial aspects of rental agreements. This task ensures that both the interests of the property owner and those of the tenants are balanced, facilitating a good rental experience and minimizing vacancy rates. Property managers are tasked with crafting lease agreements that specify terms such as rent amount, lease duration, maintenance responsibilities, and any additional rules or regulations pertinent to the property. Their expertise helps protect the owner's investment while ensuring that tenants have clear expectations set forth in the lease. While executing formal contracts for sale, maintaining personal relationships with clients, and conducting property sales are activities associated with real estate, they are typically not the primary focus of a property manager's role. Property managers concentrate on the day-to-day operations of rental properties, making lease negotiations a central aspect of their responsibilities.