What is the "Managerial Oversight" setting?

Agents have full user access, Office / Relocation accounts can see all activity in real-time. 

Here, The agents to be able to start referrals and receive referrals directly. All their activity can still be seen by the Relocation Director(s), in real-time, when they login to the admin dashboard. 

Please note: Relocation Director (s) can also be given agent access, allowing them to access both Agent and Relocation Director functionality