Which of the following terms describes an agreement that allows a party to manage property for another?

The correct choice is designated agency, which refers to an arrangement in a real estate context where a broker allows a specific agent to represent a client, essentially managing property on behalf of that client. This term highlights the specific authority given to the agent, emphasizing the role they play in handling transactions, obligations, and responsibilities related to the property in question.

In contrast, a deed of trust involves a three-party agreement in which one party (the borrower) conveys property to a trustee for the benefit of another party (the lender), primarily in financing situations. Although it involves managing property, it does not relate to the agency relationship where one party manages property on behalf of another.

A deed restriction refers to limitations or conditions placed on the use of real property as part of the terms of a deed. This term does not pertain to the management of property but rather to restrictions regarding what can or cannot be done with the property.

Demand, on its own, typically refers to the desire for property or the necessity of action but does not capture the concept of management or an agreement between parties regarding property. Thus, designated agency is the term that precisely fits the definition of an agreement for one party to manage property for another.