Oregon Broker PSI Practice Exam

Where can the legal responsibilities of a property manager to an owner be found?

1. Local county regulations

2. OR revised statutes

3. Industry standard practices

4. Brokerage company's policies

The correct answer is: OR revised statutes

The legal responsibilities of a property manager to an owner can be found in the Oregon Revised Statutes (ORS), which provides the statutory framework governing real estate practices in Oregon. These statutes outline the specific legal obligations property managers must adhere to when managing a property on behalf of an owner, ensuring compliance with state laws and regulations. Understanding the authority of the ORS is crucial, as it sets the baseline for legal conduct, outlining duties such as fiduciary responsibilities, property maintenance requirements, financial reporting, and the handling of tenant-related issues. This means that property managers must operate within the bounds of these statutes to legitimately fulfill their role. While local county regulations, industry standards, and brokerage policies may provide additional guidance or specific rules, they do not have the universal legal authority that the ORS possesses. Local regulations may vary significantly by location, and industry standards may evolve, but the ORS remains the primary legal source that details the overarching responsibilities and obligations that property managers must follow to avoid legal repercussions and ensure proper management practices.