Which of the following best describes a property management agreement?

A property management agreement serves as a contract that clearly defines the expectations and responsibilities between property owners and property managers. This agreement outlines the scope of work that the property manager is responsible for, which can include handling tenant relations, maintenance, rent collection, and compliance with property laws. By detailing these aspects, both parties have a mutual understanding of their roles and how they will work together, establishing a cooperative relationship necessary for effective property management.

While the other options mention various elements related to property management, they do not encapsulate the overall essence of a property management agreement. For instance, a document indicating rental price listings focuses on pricing rather than the broader relationship and responsibilities. Marketing strategies are only a part of what property managers do and do not reflect the full agreement. Lastly, guidelines for tenant application screening refer specifically to the processes involved in tenant selection, which is only one aspect of the broader property management responsibilities that are clarified in a property management agreement.