Property Management
A residential property manager in Oklahoma should conduct a move-in inspection with the tenant to:
ADetermine the rental price for the unit
BDocument the property's condition at the start of the tenancy to protect both landlord and tenant in future security deposit disputes✓ Correct
CComply with OREC's mandatory inspection rules
DSet utility billing rates
Explanation
A thorough move-in inspection, documented in writing and signed by both parties, establishes the baseline condition of the property. It is the primary protection for both the landlord and tenant when the security deposit is reconciled at move-out.
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Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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