Oklahoma Property Management License Requirements
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Questions and Answers

What is the timeframe for landlords to transfer security deposits to new owners when selling a property?

  • 60 days after tenancy termination
  • 30 days after tenancy termination
  • 45 days after tenancy termination (correct)
  • 90 days after tenancy termination

    • In what circumstances can a landlord dispose of personal property left behind by a tenant?

  • After 60 days
  • After 30 days (correct)
  • Immediately
  • After 15 days

    • What must a tenant do if they wish to terminate a tenancy at will?

  • Provide a 3-month written notice
  • Provide a 15-day written notice
  • Provide a 5-day written notice
  • Provide a 30-day written notice (correct)

    • When must a landlord provide notice to tenants for failure to pay rent on time?

    <p>5-day notice</p> Signup and view all the answers

    Under what circumstances can a landlord evict a tenant without providing a notice to vacate?

    <p>When waste activity continues against landlord's will</p> Signup and view all the answers

    What is the curative period given to tenants after receiving a notice for lease violations?

    <p>10 days</p> Signup and view all the answers

    What type of evictions are prohibited under the law?

    <p>Retaliatory evictions</p> Signup and view all the answers

    In the context of lease termination, what is required of active military members?

    <p>$0 lease termination per clauses stipulated in leases</p> Signup and view all the answers

    What is the timeframe for a tenant to vacate premises if a violation is not cured within the curative period?

    <p>5 days</p> Signup and view all the answers

    What must landlords do before transferring security deposits over to new owners?

    <p>Provide written notice to tenants about the transfer</p> Signup and view all the answers

    Who is exempt from licensure as property managers according to the text?

    <p>Resident managers of apartment complexes who live on-premises</p> Signup and view all the answers

    In a lease transaction where a broker represents both landlord and tenant, what is mandatory according to the text?

    <p>Disclose license status and responsibilities in writing to all parties</p> Signup and view all the answers

    Under the Residential Landlord-Tenant Act, how much notice must a landlord provide to terminate a month-to-month tenancy?

    <p>30 days</p> Signup and view all the answers

    What defines a dwelling unit according to the text?

    <p>Any structure used for sleeping purposes as a home or residence</p> Signup and view all the answers

    What is the requirement for brokers regarding trust accounts and security deposits?

    <p>Maintain separate trust accounts for funds acquired from clients</p> Signup and view all the answers

    Under what circumstance can brokers interplead funds according to the text?

    <p>In case of disputes to court or release instructions from involved parties</p> Signup and view all the answers

    'Commingling' as mentioned in the text refers to what practice?

    <p>Mixing client funds with personal or business funds</p> Signup and view all the answers

    'Week-to-week tenant' is the default status for which type of tenant according to the text?

    <p>'Roomer or Boarder'</p> Signup and view all the answers

    'Exclusions' in a Property Management Contract do NOT typically include which of the following?

    <p>'Including provisions ensuring compliance with Fair Housing laws'</p> Signup and view all the answers

    'Resident managers working for owners/brokers where properties include apartment buildings' are exempt from licensure if they do what according to the text?

    <p>'Reside on-premises while leasing out the property'</p> Signup and view all the answers

    What must brokers do before any tenant signs a lease?

    <p>Disclose their duties to the broker</p> Signup and view all the answers

    Which of the following is NOT a duty of brokers during transactions?

    <p>Share confidential information publicly</p> Signup and view all the answers

    What is a responsibility of brokers regarding offers and counteroffers?

    <p>Put all offers and counteroffers in writing</p> Signup and view all the answers

    What is one of the requirements for brokers when receiving offers and counteroffers?

    <p>Present all offers and counteroffers promptly</p> Signup and view all the answers

    What should brokers do with confidential information according to the text?

    <p>Maintain confidentiality concerning relevant information</p> Signup and view all the answers

    What is an example of confidential information that brokers should maintain?

    <p>Prospective party's willingness to pay more or less than what has been offered</p> Signup and view all the answers

    How should brokers handle costs associated with presented offers?

    <p>Notify parties of any costs associated with the presented offer</p> Signup and view all the answers

    What is an obligation of brokers regarding clients during proceedings?

    <p>Keep clients fully informed regarding proceedings</p> Signup and view all the answers

    Who is exempt from licensure as property managers according to the text?

    <p>Individuals managing transient lodging facilities</p> Signup and view all the answers

    What does a landlord have to give to terminate a month-to-month tenancy under the Residential Landlord-Tenant Act?

    <p>30 days' termination notice</p> Signup and view all the answers

    What is the default tenancy status for a roomer or boarder according to the text?

    <p>Week-to-week tenant</p> Signup and view all the answers

    What is the main purpose of the Property Management Contract mentioned in the text?

    <p>To grant brokers the authority to manage properties on behalf of landlords</p> Signup and view all the answers

    What should brokers do with confidential information according to the text?

    <p>Maintain confidentiality and not disclose it without authorization</p> Signup and view all the answers

    What type of eviction can result in charging the tenant twice the monthly rental rate?

    <p>Holdover eviction</p> Signup and view all the answers

    Which group is NOT exempt from licensure as property managers based on the information provided?

    <p>$100 referral fee providers</p> Signup and view all the answers

    What should landlords do before transferring security deposits over to new owners?

    <p>Account for all funds separately from their general accounts.</p> Signup and view all the answers

    What is one of the obligations of brokers regarding offers and counteroffers?

    <p>Put all offers and counteroffers in writing</p> Signup and view all the answers

    What is a key requirement for brokers when handling money and property?

    <p>Account for all money and property accurately</p> Signup and view all the answers

    What must brokers do with confidential information from parties involved in transactions?

    <p>Maintain confidentiality unless required by law to disclose</p> Signup and view all the answers

    When should brokers notify parties of costs associated with offers presented during transactions?

    <p>Before presenting the offers</p> Signup and view all the answers

    What is a critical requirement for brokers regarding the timing of presenting offers and counteroffers?

    <p>Promptly present all offers and counteroffers</p> Signup and view all the answers

    What must brokers do before any tenant signs a lease according to the text?

    <p>Disclose their duties to the broker</p> Signup and view all the answers

    What is a critical aspect of brokers' handling of offers and counteroffers in transactions?

    <p>Promptly presenting all offers and counteroffers</p> Signup and view all the answers

    How should brokers treat all parties involved in transactions?

    <p>Exercise reasonable skill and care</p> Signup and view all the answers

    What is the timeframe required for a tenant to provide a written notice for termination of a month-to-month tenancy?

    <p>30 days</p> Signup and view all the answers

    When selling a property, what must landlords do with security deposits in regard to new owners?

    <p>Transfer the deposits over to new owners</p> Signup and view all the answers

    What is the curative period tenants are given after receiving a notice for lease violations?

    <p>10 days</p> Signup and view all the answers

    What does 'self-eviction' refer to according to the text?

    <p>Eviction without following legal procedures</p> Signup and view all the answers

    In what circumstance can a landlord dispose of personal property left behind by a tenant?

    <p>When the personal property holds no value</p> Signup and view all the answers

    When is a landlord required to provide a 5-day notice to tenants according to the text?

    <p>For nonpayment of rent on time</p> Signup and view all the answers

    What is considered an early termination justification according to the text?

    <p>Active military duty incurs for tenants</p> Signup and view all the answers

    What must landlords do if they suspect illegal acts that threaten safety or health according to the text?

    <p>Give tenants a 5-day notice to vacate premises</p> Signup and view all the answers

    What is one responsibility of landlords regarding tenants' possessions if they are evicted from premises?

    <p>Dispose of all personal property left behind by tenants.</p> Signup and view all the answers

    What must landlords do within 45 days after tenancy termination based on tenants' written demands?

    <p>Return security deposits and retain any unpaid rent.</p> Signup and view all the answers

    What is the timeframe required for a tenant to provide a written notice for termination of an annual lease?

    <p>3 months</p> Signup and view all the answers

    If a tenant abandons or is evicted from the premises, what right does the landlord have regarding the tenant's personal property?

    <p>Sell or dispose of valuable items after 15 days</p> Signup and view all the answers

    What is the timeframe landlords must adhere to when transferring security deposits to new owners upon selling a property?

    <p>30 days</p> Signup and view all the answers

    In what circumstance can a landlord dispose of personal property left behind by a tenant according to the text?

    <p>After 30 days with a written notice provided</p> Signup and view all the answers

    When must a landlord provide a 5-day notice to tenants according to the text?

    <p>For nonpayment of rent on time</p> Signup and view all the answers

    What type of property managers are required to be licensed real estate brokers, owners, or their salaried employees?

    <p>Resident managers working for large apartment complexes</p> Signup and view all the answers

    Under the Brokerage Relationship Act, what must a broker disclose in writing when performing duties for both landlord and tenant?

    <p>Their license status and responsibilities</p> Signup and view all the answers

    Which type of tenant is considered a week-to-week tenant by default under the Residential Landlord-Tenant Act?

    <p>Roomer or boarder</p> Signup and view all the answers

    What is the primary purpose of the Property Management Contract mentioned in the text?

    <p>To grant brokers the authority to manage properties on behalf of landlords</p> Signup and view all the answers

    What term best describes a dwelling unit according to the text?

    <p>Any structure used as home or residence for sleeping purposes</p> Signup and view all the answers

    What is the default tenancy status for all tenants except roomers or boarders under the Residential Landlord-Tenant Act?

    <p>Month-to-month tenant</p> Signup and view all the answers

    What is one key requirement regarding trust accounts and security deposits for brokers according to the text?

    <p>To deposit funds within five banking days after receipt</p> Signup and view all the answers

    What is one critical requirement for brokers when handling offers and counteroffers in transactions?

    <p>To promptly present all offers and counteroffers in writing</p> Signup and view all the answers

    In what way should brokers treat all parties involved in transactions?

    <p>With honesty and reasonable skill and care</p> Signup and view all the answers

    What is an important aspect of maintaining confidentiality for brokers?

    <p>Keeping clients fully informed regarding proceedings</p> Signup and view all the answers

    What is a key responsibility of brokers regarding the disclosure of costs associated with offers?

    <p>To promptly notify parties of any costs associated with the presented offer</p> Signup and view all the answers

    What action must brokers take with confidential information from parties involved in transactions?

    <p>Maintain confidentiality and not disclose it without permission</p> Signup and view all the answers

    What should brokers do before any tenant signs a lease?

    <p>Promptly present all offers and counteroffers in writing</p> Signup and view all the answers

    Under what circumstances can a landlord dispose of personal property left behind by a tenant?

    <p>After following specific legal procedures</p> Signup and view all the answers

    What is a requirement for brokers when receiving offers and counteroffers?

    <p>Promptly put all offers and counteroffers in writing</p> Signup and view all the answers

    What must brokers do with confidential information according to the text?

    <p>Maintain confidentiality without disclosing it without permission</p> Signup and view all the answers

    What is a critical requirement for landlords regarding tenants' possessions if they are evicted from premises?

    <p>Store possessions safely for a period after eviction</p> Signup and view all the answers

    Study Notes

    Security Deposits

    • Landlords must transfer security deposits to new owners within a certain timeframe when selling a property.
    • Before transferring security deposits, landlords must provide an accounting of the deposit and any deductions.

    Terminating Tenancy

    • A tenant must give a written notice to terminate a tenancy at will.
    • A landlord must provide 30 days' notice to terminate a month-to-month tenancy under the Residential Landlord-Tenant Act.

    Eviction

    • A landlord can evict a tenant without providing a notice to vacate in certain circumstances, such as non-payment of rent.
    • The curative period given to tenants after receiving a notice for lease violations is a certain timeframe to cure the violation.
    • If a tenant fails to cure the violation, they must vacate the premises within a certain timeframe.

    Lease Violations

    • A landlord can dispose of personal property left behind by a tenant in certain circumstances.
    • A landlord must provide a 5-day notice to tenants for failure to pay rent on time.

    Military Members

    • Active military members have certain requirements under the Residential Landlord-Tenant Act.

    Property Management

    • Certain individuals are exempt from licensure as property managers, such as resident managers working for owners/brokers where properties include apartment buildings.
    • The main purpose of the Property Management Contract is to outline the responsibilities of the property manager.

    Brokers

    • Brokers have certain duties and obligations, such as maintaining confidentiality and disclosing costs associated with offers.
    • Brokers must treat all parties involved in transactions fairly and honestly.
    • Brokers must not engage in commingling, which is the practice of mixing client funds with their own.
    • Brokers must provide a written disclosure to clients when performing duties for both landlord and tenant.

    Lease Transactions

    • In a lease transaction where a broker represents both landlord and tenant, certain disclosures are mandatory.
    • A broker must receive written consent from both parties before proceeding with the transaction.

    Dwelling Units

    • A dwelling unit is defined as a certain type of property.

    Trust Accounts

    • Brokers have certain requirements regarding trust accounts and security deposits.

    Offers and Counteroffers

    • Brokers have certain obligations when handling offers and counteroffers in transactions.
    • Brokers must present offers and counteroffers in a timely manner.
    • Brokers must disclose costs associated with offers and counteroffers.

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    Description

    Learn about the licensing requirements for property managers and management companies in Oklahoma, including broker duties such as disclosure requirements, honesty, and skill obligations. Test your knowledge on property management regulations.

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