76 Questions
What is the timeframe for landlords to transfer security deposits to new owners when selling a property?
45 days after tenancy termination
In what circumstances can a landlord dispose of personal property left behind by a tenant?
After 30 days
What must a tenant do if they wish to terminate a tenancy at will?
Provide a 30-day written notice
When must a landlord provide notice to tenants for failure to pay rent on time?
5-day notice
Under what circumstances can a landlord evict a tenant without providing a notice to vacate?
When waste activity continues against landlord's will
What is the curative period given to tenants after receiving a notice for lease violations?
10 days
What type of evictions are prohibited under the law?
Retaliatory evictions
In the context of lease termination, what is required of active military members?
$0 lease termination per clauses stipulated in leases
What is the timeframe for a tenant to vacate premises if a violation is not cured within the curative period?
5 days
What must landlords do before transferring security deposits over to new owners?
Provide written notice to tenants about the transfer
Who is exempt from licensure as property managers according to the text?
Resident managers of apartment complexes who live on-premises
In a lease transaction where a broker represents both landlord and tenant, what is mandatory according to the text?
Disclose license status and responsibilities in writing to all parties
Under the Residential Landlord-Tenant Act, how much notice must a landlord provide to terminate a month-to-month tenancy?
30 days
What defines a dwelling unit according to the text?
Any structure used for sleeping purposes as a home or residence
What is the requirement for brokers regarding trust accounts and security deposits?
Maintain separate trust accounts for funds acquired from clients
Under what circumstance can brokers interplead funds according to the text?
In case of disputes to court or release instructions from involved parties
'Commingling' as mentioned in the text refers to what practice?
Mixing client funds with personal or business funds
'Week-to-week tenant' is the default status for which type of tenant according to the text?
'Roomer or Boarder'
'Exclusions' in a Property Management Contract do NOT typically include which of the following?
'Including provisions ensuring compliance with Fair Housing laws'
'Resident managers working for owners/brokers where properties include apartment buildings' are exempt from licensure if they do what according to the text?
'Reside on-premises while leasing out the property'
What must brokers do before any tenant signs a lease?
Disclose their duties to the broker
Which of the following is NOT a duty of brokers during transactions?
Share confidential information publicly
What is a responsibility of brokers regarding offers and counteroffers?
Put all offers and counteroffers in writing
What is one of the requirements for brokers when receiving offers and counteroffers?
Present all offers and counteroffers promptly
What should brokers do with confidential information according to the text?
Maintain confidentiality concerning relevant information
What is an example of confidential information that brokers should maintain?
Prospective party's willingness to pay more or less than what has been offered
How should brokers handle costs associated with presented offers?
Notify parties of any costs associated with the presented offer
What is an obligation of brokers regarding clients during proceedings?
Keep clients fully informed regarding proceedings
Who is exempt from licensure as property managers according to the text?
Individuals managing transient lodging facilities
What does a landlord have to give to terminate a month-to-month tenancy under the Residential Landlord-Tenant Act?
30 days' termination notice
What is the default tenancy status for a roomer or boarder according to the text?
Week-to-week tenant
What is the main purpose of the Property Management Contract mentioned in the text?
To grant brokers the authority to manage properties on behalf of landlords
What should brokers do with confidential information according to the text?
Maintain confidentiality and not disclose it without authorization
What type of eviction can result in charging the tenant twice the monthly rental rate?
Holdover eviction
Which group is NOT exempt from licensure as property managers based on the information provided?
$100 referral fee providers
What should landlords do before transferring security deposits over to new owners?
Account for all funds separately from their general accounts.
What is one of the obligations of brokers regarding offers and counteroffers?
Put all offers and counteroffers in writing
What is a key requirement for brokers when handling money and property?
Account for all money and property accurately
What must brokers do with confidential information from parties involved in transactions?
Maintain confidentiality unless required by law to disclose
When should brokers notify parties of costs associated with offers presented during transactions?
Before presenting the offers
What is a critical requirement for brokers regarding the timing of presenting offers and counteroffers?
Promptly present all offers and counteroffers
What must brokers do before any tenant signs a lease according to the text?
Disclose their duties to the broker
What is a critical aspect of brokers' handling of offers and counteroffers in transactions?
Promptly presenting all offers and counteroffers
How should brokers treat all parties involved in transactions?
Exercise reasonable skill and care
What is the timeframe required for a tenant to provide a written notice for termination of a month-to-month tenancy?
30 days
When selling a property, what must landlords do with security deposits in regard to new owners?
Transfer the deposits over to new owners
What is the curative period tenants are given after receiving a notice for lease violations?
10 days
What does 'self-eviction' refer to according to the text?
Eviction without following legal procedures
In what circumstance can a landlord dispose of personal property left behind by a tenant?
When the personal property holds no value
When is a landlord required to provide a 5-day notice to tenants according to the text?
For nonpayment of rent on time
What is considered an early termination justification according to the text?
Active military duty incurs for tenants
What must landlords do if they suspect illegal acts that threaten safety or health according to the text?
Give tenants a 5-day notice to vacate premises
What is one responsibility of landlords regarding tenants' possessions if they are evicted from premises?
Dispose of all personal property left behind by tenants.
What must landlords do within 45 days after tenancy termination based on tenants' written demands?
Return security deposits and retain any unpaid rent.
What is the timeframe required for a tenant to provide a written notice for termination of an annual lease?
3 months
If a tenant abandons or is evicted from the premises, what right does the landlord have regarding the tenant's personal property?
Sell or dispose of valuable items after 15 days
What is the timeframe landlords must adhere to when transferring security deposits to new owners upon selling a property?
30 days
In what circumstance can a landlord dispose of personal property left behind by a tenant according to the text?
After 30 days with a written notice provided
When must a landlord provide a 5-day notice to tenants according to the text?
For nonpayment of rent on time
What type of property managers are required to be licensed real estate brokers, owners, or their salaried employees?
Resident managers working for large apartment complexes
Under the Brokerage Relationship Act, what must a broker disclose in writing when performing duties for both landlord and tenant?
Their license status and responsibilities
Which type of tenant is considered a week-to-week tenant by default under the Residential Landlord-Tenant Act?
Roomer or boarder
What is the primary purpose of the Property Management Contract mentioned in the text?
To grant brokers the authority to manage properties on behalf of landlords
What term best describes a dwelling unit according to the text?
Any structure used as home or residence for sleeping purposes
What is the default tenancy status for all tenants except roomers or boarders under the Residential Landlord-Tenant Act?
Month-to-month tenant
What is one key requirement regarding trust accounts and security deposits for brokers according to the text?
To deposit funds within five banking days after receipt
What is one critical requirement for brokers when handling offers and counteroffers in transactions?
To promptly present all offers and counteroffers in writing
In what way should brokers treat all parties involved in transactions?
With honesty and reasonable skill and care
What is an important aspect of maintaining confidentiality for brokers?
Keeping clients fully informed regarding proceedings
What is a key responsibility of brokers regarding the disclosure of costs associated with offers?
To promptly notify parties of any costs associated with the presented offer
What action must brokers take with confidential information from parties involved in transactions?
Maintain confidentiality and not disclose it without permission
What should brokers do before any tenant signs a lease?
Promptly present all offers and counteroffers in writing
Under what circumstances can a landlord dispose of personal property left behind by a tenant?
After following specific legal procedures
What is a requirement for brokers when receiving offers and counteroffers?
Promptly put all offers and counteroffers in writing
What must brokers do with confidential information according to the text?
Maintain confidentiality without disclosing it without permission
What is a critical requirement for landlords regarding tenants' possessions if they are evicted from premises?
Store possessions safely for a period after eviction
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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