University of Central Florida (UCF) REE3043 Fundamentals of Real Estate Practice Exam 2

The primary function of a property manager is to manage rental properties on behalf of the owner. This role involves a variety of responsibilities centered around the day-to-day operations of a property, ensuring that it runs smoothly and efficiently. Tasks typically include marketing the property to potential tenants, screening applicants, handling leases, collecting rents, maintaining the property's condition, and addressing tenant concerns or issues. The property manager acts as a liaison between the property owner and the tenants, aiming to maximize the owner's return on investment while ensuring tenant satisfaction.

While appraising the value of properties, assisting in selling properties, and investing in real estate are all important aspects within the real estate industry, they do not fall under the primary responsibilities of a property manager. Appraising is typically conducted by licensed appraisers, selling properties usually involves real estate agents or brokers, and investment decisions are the responsibility of investors rather than property managers. Therefore, managing rental properties is the core focus of a property manager's role.