Property Management
An Oklahoma property manager who is a licensed real estate broker can receive compensation from which source?
AOnly the tenant
BThe property owner (client) per the management agreement, and must disclose any other sources of compensation to avoid conflicts of interest✓ Correct
COnly the local real estate board
DOnly the Oklahoma Housing Finance Agency
Explanation
A property manager is typically compensated by the property owner per their management agreement. Receiving undisclosed compensation from vendors, tenants, or other parties creates a conflict of interest and may violate fiduciary duties and OREC ethics rules.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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