Final answer:
A property management agreement is signed between a broker and a landlord, giving the broker authority to manage the landlord's property.
Step-by-step explanation:
A property management agreement is typically signed between a broker and a landlord. This agreement grants the broker the authority to manage the landlord's property and perform actions such as renting it out, collecting rent, and taking care of maintenance issues on behalf of the landlord.
It's important to recognize that individuals or firms must own the property to enter into a contract, meaning they have the right to manage the property and make agreements related to it. Therefore, in this agreement, the landlord, as the property owner, is authorizing the broker to act in a management capacity.