Property Management
A property management company in Oklahoma that also has a maintenance crew should:
AUse the maintenance crew exclusively to maximize profits from both services
BEnsure maintenance charges to owners are reasonable and consistent with market rates, and disclose any financial relationships between the management company and maintenance providers✓ Correct
CNever use affiliated maintenance companies
DCharge owners whatever maintenance costs are necessary without disclosure
Explanation
Property managers who use affiliated maintenance providers must disclose this relationship to owners and ensure charges are competitive with market rates. Using affiliated vendors without disclosure and at inflated rates would be a breach of fiduciary duty.
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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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