PROPERTY MANAGEMENT AGREEMENT
("Broker"), agree as follows:
APPOINTMENT OF BROKER: Owner hereby appoints and grants Broker the exclusive right to rent, lease, operate, and manage the property(ies)
months after the original commencement date of this Agreement. After the exclusive term expires, this Agreement shall continue as a
non-exclusive agreement that either party may terminate by giving at least 30 days written notice to the other.
F. CONTRACTS; SERVICES: Contract, hire, supervise and/or discharge firms and persons, including utilities, required for the operation and
maintenance of the Property. Broker may perform any of Broker’s duties through attorneys, agents, employees, or independent contractors and,
except for persons working in Broker’s firm, shall not be responsible for their acts, omissions, defaults, negligence and/or costs of same.
J. RESERVES: Maintain a reserve in Broker's trust account of $ .
K. DISBURSEMENTS: Disburse Owner's funds held in Broker's trust account in the following order:
(1) Compensation due Broker under paragraph 8.
(2) All other operating expenses, costs and disbursements payable from Owner’s funds held by Broker.
(3) Reserves and security deposits held by Broker.
(4) Balance to Owner.
L. OWNER DISTRIBUTION: Remit funds, if any are available, monthly (or ), to Owner.
M. OWNER STATEMENTS: Render monthly, (or ), statements of receipts, expenses
and charges for each Property.
(C.A.R. Form PMA, Revised 11/12)
REPORTS, NOTICES AND SIGNS: Comply with federal, state or local law requiring delivery of reports or notices and/or posting of signs or notices.
I. TRUST FUNDS: Deposit all receipts collected for Owner, less any sums properly deducted or disbursed, in a financial institution whose deposits
are insured by an agency of the United States government. The funds shall be held in a trust account separate from Broker’s personal accounts.
Broker shall not be liable in event of bankruptcy or failure of a financial institution.
N. BROKER FUNDS: Broker shall not advance Broker’s own funds in connection with the Property or this Agreement.
Owner's Initials ( ) ( )
The copyright laws of the United States (Title 17 U.S. Code) forbid the unauthorized
reproduction of this form, or any portion thereof, by photocopy machine or any other
means, including facsimile or computerized formats. Copyright © 1991-2012,
CALIFORNIA ASSOCIATION OF REALTORS®, INC. ALL RIGHTS RESERVED.
Broker's Initials ( ) ( )
PMA REVISED 11/12 (PAGE 1 OF 4)
PROPERTY MANAGEMENT AGREEMENT (PMA PAGE 1 OF 4)
Prepared using zipForm® software
and any additional property that may later be added to this Agreement ("Property"),
upon the terms below, for the period beginning (date) and ending (date) , at
11:59 PM. (If checked:) Either party may terminate this Property Management Agreement ("Agreement") on at least 30 days written notice
2. BROKER ACCEPTANCE: Broker accepts the appointment and grant, and agrees to:
A. Use due diligence in the performance of this Agreement.
B. Furnish the services of its firm for the rental, leasing, operation and management of the Property.
3. AUTHORITY AND POWERS: Owner grants Broker the authority and power, at Owner's expense, to:
A. ADVERTISING: Display FOR RENT/LEASE and similar signs on the Property and advertise the availability of the Property, or any part thereof, for
rental or lease.
B. RENTAL; LEASING: Initiate, sign, renew, modify or cancel rental agreements and leases for the Property, or any part thereof; collect and give
receipts for rents, other fees, charges and security deposits. Any lease or rental agreement executed by Broker for Owner shall not exceed
year(s) or shall be month-to-month. Unless Owner authorizes a lower amount, rent shall be:
at market rate; OR a minimum of
$ per ; OR see attachment.
TENANCY TERMINATION: Sign and serve in Owner’s name notices that are required or appropriate; commence and prosecute actions to evict
tenants; recover possession of the Property in Owner’s name; recover rents and other sums due; and, when expedient, settle, compromise and
release claims, actions and suits and/or reinstate tenancies.
REPAIR; MAINTENANCE: Make, cause to be made, and/or supervise repairs, improvements, alterations and decorations to the Property;
purchase, and pay bills for, services and supplies. Broker shall obtain prior approval of Owner for all expenditures over $
for any one item. Prior approval shall not be required for monthly or recurring operating charges or, if in Broker’s opinion, emergency expenditures
over the maximum are needed to protect the Property or other property(ies) from damage, prevent injury to persons, avoid suspension of
necessary services, avoid penalties or fines, or suspension of services to tenants required by a lease or rental agreement or by law, including, but
not limited to, maintaining the Property in a condition fit for human habitation as required by Civil Code §§ 1941 and 1941.1 and Health and Safety
Code §§ 17920.3 and 17920.10.
EXPENSE PAYMENTS: Pay expenses and costs for the Property from Owner’s funds held by Broker, unless otherwise directed by Owner.
Expenses and costs may include, but are not limited to, property management compensation, fees and charges, expenses for goods and
services, property taxes and other taxes, Owner’s Association dues, assessments, loan payments and insurance premiums.
SECURITY DEPOSITS: Receive security deposits from tenants, which deposits shall be given to Owner, or
placed in Broker’s trust
account and, if held in Broker’s trust account, pay from Owner’s funds all interest on tenants’ security deposits if required by local law or
ordinance. Owner shall be responsible to tenants for return of security deposits and all interest due on security deposits held by Owner.