Texas Real Estate Principles 2 Practice Test

Property management involves the process of overseeing and managing rental properties on behalf of the owner. This role encompasses a variety of tasks, including but not limited to, marketing the property, screening tenants, collecting rent, handling maintenance and repairs, and ensuring that the property complies with local laws and regulations. The primary objective of property management is to maximize the owner's investment while providing a well-maintained living environment for tenants.

While managing finances for real estate investments (the first choice) is an aspect that may be part of a property manager's responsibilities, it is not the sole focus. Conducting market research for real estate (the third choice) is relevant to understanding the rental market but is not the main duty of property management. Handling legal disputes for property owners (the fourth choice) can be a segment of a property manager's role but is typically part of broader responsibilities rather than the main function. Therefore, the definition that encapsulates the essence of property management clearly is overseeing and managing rental properties on behalf of the owner.