Property Management
A property manager in Oregon who manages properties on behalf of others for compensation must:
AHold a real estate broker or principal broker license✓ Correct
BObtain a property management license separate from the real estate license
CRegister only with the Oregon Secretary of State
DBe a licensed general contractor
Explanation
In Oregon, property managers who manage real property on behalf of others for compensation must hold a real estate broker or principal broker license issued by OREA. Property management is considered a real estate activity under ORS Chapter 696.
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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.
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.
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.
State-Specific Concepts
Broker Supervision
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