Final answer:
The agency relationship commonly seen between a property manager and the owner is a Fiduciary Relationship.
Step-by-step explanation:
The correct agency relationship commonly seen between a property manager and the owner is Fiduciary Relationship. In this relationship, the property manager has a legal obligation to act in the best interests of the owner. They are responsible for managing the property, collecting rent, handling maintenance, and ensuring that the property is in compliance with local regulations.
This means that the property manager must make decisions that promote and protect the owner's interests, including maximizing rental income, minimizing expenses, and maintaining the property's value. They are also required to be honest, loyal, and exercise reasonable care in managing the property.
For example, if the property manager receives multiple rental applications, they must choose the tenant that is most likely to pay on time and take care of the property, rather than favoring a friend or family member.