This document discusses the relationship between property managers and owners. It outlines that the relationship is both an employer-employee relationship as well as a principal-agent relationship. As agents, property managers have fiduciary duties of obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care to the owner as their principal. The document also discusses the contents of a typical management contract including the parties, property description, term, responsibilities of both the manager and owner, fees, termination provisions, and methods for dispute resolution. It notes that managers are responsible for ongoing communication with owners and providing various financial and operating reports to help determine the profitability of a property.