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Which of the following is true of a resident manager?

a) The RM has a fiduciary responsibility to the property managed and must prepare and maintain monthly statements of unpaid assessments.
b) The RM is often salaried, and may receive a free place to live as compensation.
c) The RM is required to carry a fidelity bond.
d) The RM must maintain copies of the declaration, bylaws, house rules, and sample original conveyance document.

1 Answer

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Final answer:

The true statement about a resident manager is that they are often salaried and may receive a free place to live as part of their compensation. Other potential duties and requirements depend on individual arrangements and local legal stipulations.

Step-by-step explanation:

The role of a resident manager (RM) typically involves overseeing the day-to-day operations of a residential property, such as an apartment complex or a condominium. Among the four options provided:

  • b) The RM is often salaried, and may receive a free place to live as part of their compensation. This is a common practice in the property management industry and serves as an incentive for the RM to be on-site and available to handle any issues that arise.

Options a), c), and d) mention specific duties that might be true for some resident managers, but these depend on contractual arrangements and local regulations which could vary greatly. Option a) refers to fiduciary responsibilities and monthly statements but does not necessarily apply to all RMs. Option c) suggests that a RM is required to carry a fidelity bond, which might be a requirement in some cases but not universally. Option d) refers to maintaining important documents, which could also be true, but again this would depend on the specific job description and legal requirements.

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