Oregon Property Management Final Exam with Complete & Verified Solutions | 100 % Correct | 2024 Update

Oregon Property Management Final Exam with Complete & Verified Solutions | 100 % Correct | 2024 Update Oregon's statutes on property management with respect to licensure and property management activity are extensive. These laws serve which of the following purposes: -Answer️️ - a. To specify requirements for the management of rental real estate b. To protect owners and tenants of rental real estate c. To encourage real estate property managers to comply with the applicable statutes and rules through education What is an identifying code? -Answer️️ - a unique series of letters and/or numbers assigned by a property manager to a property management agreement at the time the agreement A property manager must not engage in the management of rental real estate without a ___________________________________ between the owner and the property manager. - Answer️️ - written, unexpired property management agreement Placement of trust funds received by a property manager must be placed in a _________________________________ trust account. -Answer️️ - federally insured interest- bearing Any amendment or addendum to the property management agreement must be in writing and include: -Answer️️ - a. identifying code b. the date of the amendment c. the signature of the property manager and the signatures of all owners who signed the initial property management agreement. A property manager must disburse earned management fees from the client's trust account ______________________________ unless a different schedule of disbursement is specified in the property management agreement, and may only disburse such fees if sufficient funds are available. -Answer️️ - at least once each month Upon completion of a compliance review, if the Agency has reasonable grounds to believe that the funds of an owner or tenant may be missing, funds may have been misappropriated, or the property manager's records are in such a condition that the property manager is placing owners' and/or tenants' money at risk the Agency may immediately initiate an investigation without _______________________. -Answer️️ - providing a property manager with an opportunity to cure noncompliance A licensed property manager is only authorized to engage in the management of rental real estate and is not authorized to engage in other professional real estate activity such as ________________________________________. -Answer️️ - a. the purchase of real estate b. the sale of real estate c. exchanges of real estate Can a nonlicensed individual who performs certain property management functions be exempt from being licensed? -Answer️️ - Yes, is they fall into the exempt category by Oregon statute The following individuals may engage in the management of rental real estate, unless they are exempt: -Answer️️ - a. A licensed real estate broker, under the supervision of a licensed principal real estate broker b. A licensed principal real estate broker c. A licensed property manager The Agency will provide a property manager with written notice of a mail-in audit at least __________________________ before required information and documentation must be provided to the Agency. -Answer️️ - 30 days If a property management agreement is terminated, the property manager must suspend management activity pursuant to the terms of the management agreement. What is the longest period of time the property manager has to return all monies to the parties? -Answer️️ - 60 days _____________________ means an Agency audit of a clients' trust account based on information and documents prepared by a property manager and mailed to the Agency. - Answer️️ - Mail-in audit The Agency will provide a property manager with written notice at least ___________ business days before conducting a compliance review. -Answer️️ - 5 A property manager may not deposit any funds received on behalf of an owner in ________________________________________________, or commingle any such funds received with personal funds of the proper