Which of the following best defines a contract between a property owner and a property manager?

A management agreement specifically defines the relationship between a property owner and a property manager. This contract outlines the property manager's responsibilities, including managing the property, maintaining the premises, collecting rent, and ensuring that the property is operating in compliance with applicable laws.

In a management agreement, the property owner grants the property manager the authority to act on their behalf, which includes making decisions regarding tenant selection, leasing terms, and day-to-day operations of the property. The agreement typically includes terms regarding fees, reporting, and the duration of the management relationship, making it integral to the professional management of real estate.

Other choices do not suit the context of a property management relationship. While an exclusive listing agreement pertains to the sale or leasing of property, a partnership agreement outlines the terms between two or more parties participating in a business venture, and a sales contract is specifically about the agreement to buy and sell property.