Nevada Real Estate Practice Exam

Property management is defined as the operation, control, and oversight of real estate properties. This encompasses a variety of responsibilities, including maintaining the property, managing tenant relationships, collecting rent, handling maintenance requests, ensuring compliance with local regulations, and optimizing the property’s financial performance. Effective property management aims to maximize the return on investment for property owners while providing satisfactory living or working conditions for tenants.

The other choices, while relevant to the broader field of real estate, do not accurately capture the specific functions and responsibilities that fall under property management. The buying and selling of real estate relates more to brokerage activities rather than ongoing property management. Real estate marketing strategies focus on promoting properties to attract buyers or tenants, which is distinct from the daily operations of managing those properties. The legal aspects of real estate transactions involve issues related to contracts, ownership, and regulations but do not encompass the day-to-day management and operational responsibilities of properties.