Property Management
An Oklahoma property manager who fails to maintain proper property insurance may expose the property owner to:
AOnly minor inconvenience if there is a loss
BSignificant financial loss if the property suffers a fire, storm, or liability claim and there is insufficient insurance coverage to compensate for damages or defend against claims✓ Correct
COnly OREC disciplinary action for the manager
DNo liability because the owner should manage their own insurance
Explanation
Property managers are typically responsible for maintaining property and liability insurance per the management agreement. Failure to maintain adequate coverage can be a breach of the management agreement and expose the owner to uncompensated losses.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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