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An Oklahoma property management agreement is a written contract that outlines how a property manager will maintain a residential or commercial building for the owner. It describes how the manager will be compensated for their work and lists each service they’ll provide. Generally, the agreement lets the property manager advertise rental units, execute leases, collect security deposits, and handle day-to-day repairs.
Laws
License Required? – Yes. An active real estate broker’s license is required if the manager gets paid to perform or negotiate the following activities (§ 858-102(2)):
- Lease real estate
- Advertise a rental property
- Find new tenants
Exceptions – State law outlines several exceptions where property management activities can be performed without a license. Most notably, a license is not required for a resident manager or the employees of a licensed broker who leases affordable housing to low-income tenants (§ 858-301).
Verify a Manager – orec.us.thentiacloud.net