Property Management
In Ohio, a property manager who receives a referral fee from a maintenance contractor without disclosing it to the property owner is:
AEntitled to the fee as a normal business practice
BViolating their fiduciary duty to the owner by receiving an undisclosed benefit✓ Correct
CPermitted if the fee is under $250
DRequired to split the fee with the property owner
Explanation
A property manager who secretly receives a referral fee from vendors serves a conflict of interest that violates their duty of loyalty to the property owner. All compensation from vendors must be disclosed.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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