A master key is one that opens several locks in the same system, even though each of them also has its own key. The tenant or the employee opens their own door, and whoever holds the master key opens them all.
It is not a magic key that opens any door: it only works with lock cylinders set up for that system, which is what is called master keying. It is fitted in communities of owners, offices, hotels and holiday rental properties, wherever you need to get through several doors without carrying a bunch of keys.
Our advice is to treat it as the most sensitive thing in the house: only a few of them, always accounted for and never hanging on a key board in plain sight. If one goes missing, the whole system has to be reviewed. It is all explained in master key systems.