Agency
An Oklahoma property manager acts as which type of agent for the property owner?
AUniversal agent with authority over all owner's affairs
BGeneral agent with authority to act in a range of real property management matters on the owner's behalf✓ Correct
CSpecial agent limited to a single transaction
DSubagent of OREC
Explanation
A property manager is a general agent for the property owner, having authority to manage the day-to-day affairs of the property including leasing, collecting rent, arranging repairs, and managing tenant relationships, within the scope of the management agreement.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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