Duties of real estate property managers

(1) As used in this section: (a) “Management of rental real estate” has the meaning given that term in ORS 696.010. (b) “Property management agreement” has the meaning given that term in ORS 696.010. (c) “Real estate property manager” has the meaning given that term in ORS 696.010. (2) A real estate property manager who represents a property owner, for compensation, in the management of rental real estate is the property owner’s agent. (3) A real estate property manager may engage in the management of rental real estate for an owner of rental real estate only pursuant to a property management agreement. (4) A real estate property manager owes the property owner the following affirmative duties: (a) To deal honestly and in good faith; (b) To disclose material facts known by the property manager and not apparent or readily ascertainable to the owner; (c) To exercise reasonable care and diligence; (d) To account in a timely manner for all funds received from or on behalf of the owner; (e) To act in a fiduciary manner in all matters relating to trust funds; (f) To be loyal to the owner by not taking action that is adverse or detrimental to the owner’s interest; (g) To disclose in a timely manner to the owner any existing or contemplated conflict of interest; (h) To advise the owner to seek expert advice on matters that are beyond the property manager’s expertise; and (i) To maintain as confidential all information from or about the owner, except under subpoena or court order, even after the agency relationship ends. (5) The affirmative duties listed in subsection (4) of this section may not be waived. (6) Nothing in this section implies a duty beyond or in addition to those activities that are reasonably within the scope of the management of rental real estate.