What kind of agency relationship usually exists between a property manager and a property owner?

The agency relationship that typically exists between a property manager and a property owner is that of a general agent. This is because a general agent has a broader scope of authority to act on behalf of the principal (in this case, the property owner) in various transactions and managerial tasks related to the property.

A property manager is often entrusted with multiple responsibilities, such as collecting rent, handling maintenance issues, negotiating leases, and marketing the property. This relationship requires a consistent and ongoing authority to manage day-to-day operations and make decisions that are in the best interest of the property owner.

In contrast, other types of agency relationships, like a special agent, would limit that authority to specific tasks or transactions, which is not suitable for the continuous and varied functions typically performed by a property manager. A universal agent would have an even broader scope, covering all actions the principal could take, which is beyond the typical parameters of property management. Hence, categorizing a property manager as a general agent accurately reflects the nature of their responsibilities and the authority afforded to them by the property owner.