Which of the following must a property management agreement specifically contain?

The property management agreement is a crucial document that outlines the relationship between the property owner and the property manager. For the agreement to serve its purpose effectively, it must include specific key components. The correct answer emphasizes the importance of clearly identifying the roles and responsibilities within the agreement, which includes the name and address of both the licensee's company and the owner. This information establishes who is responsible for managing the property and provides clear contact details for all parties involved.

Additionally, specifying the method for early termination is important as it outlines the process for ending the agreement should circumstances change or if either party wants to exit the relationship. This clarity helps prevent disputes and misunderstandings down the line.

While other elements mentioned in the incorrect options may bear importance in different contexts or agreements, they do not fulfill the essential requirement of establishing clear, actionable terms and contact points within the property management relationship.