If you are obtaining the forms for possible use in a real estate transaction, you should contact a real estate license holder or an attorney for assistance. A Texas property management agreement is a contract between a real estate broker and a Texas property owner.A property management agreement is an essential contract that defines the relationship between property owners and property managers. AGREEMENT TO MANAGE AND LEASE REAL ESTATE (This is a legally binding contract. I signed a Property Management Agreement and do not understand some of the terms. Can you explain them to me? In a consulting agreement, property managers provide advice and guidance to property owners, but they don't take an active role in management. (This is a legally binding contract. 2.1 Status of the Property Manager. The Property Owner and the Property Manager do not intend to form a joint venture, partnership or similar relationship.