What is defined as “property management”?

The correct definition of "property management" is rooted in the specific functions it encompasses. Property management refers to the operation and oversight of real estate properties, which involves a variety of tasks such as maintaining the property, addressing tenant needs, managing rental agreements, collecting rent, and ensuring compliance with local housing laws. This role is crucial for maintaining the value of the property and ensuring that it meets the needs of tenants while also fulfilling the financial goals of the property owner.

This definition focuses specifically on the responsibilities associated with managing properties rather than transactional activities, financial processes, or legal documentation. The other options describe related but distinctly different activities: buying and selling of real estate is part of real estate transactions, financing pertains to securing funding for purchases or investments in real estate, and legal documentation deals with the formal recording of property rights and ownership. Therefore, only the operation and oversight encompasses the entirety of property management duties.