Oklahoma Real Estate Broker Exam Study Ch 4-7 with Complete Solutions
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Course
Oklahoma Real Estate Broker
Institution
Oklahoma Real Estate Broker
Oklahoma Real Estate Broker Exam
Study Ch 4-7 with Complete Solutions
Under the new Oklahoma Brokerage Relationships Act the duties and responsibilities that were
previously designated to transaction brokers are now "assigned" to all brokers.
Section 858-363 The authority of Broker Associat...
Oklahoma Real Estate Broker Exam Study Ch 4 -7 with Complete Solutions Under the new Oklahoma Brokerage Relationships Act the duties and responsibilities that were previously designated to transaction brokers ✔✔are now "assigned" to all brokers. Section 858 -363 The authority of Broker Associates deals with ✔✔a clearer description of an associate's authority. Under the Brokerage Relationships Act which of the following actions is mandatory? ✔✔Account for all money and property received by the broker in a timely manner. Under what conditions can you disclose confidential information? ✔✔If the disclosure if required by law. Which of the following statements is True? ✔✔You are permitted to use the word "agent" in a trade name. What is the suggested strategy for currently active brokerage agreements signed into effect prior to November 1, 2013? ✔✔Enter into a new agreement when it expires. Which of the following broker actions converts a customer into a client? ✔✔Entering into a listing agreement. A seller's net sheet is best defined as a tool that is used to help ✔✔a property owner with a reasonable estimate of costs and net proceeds from the sale of the property. The term "transaction broker" has been removed from ✔✔the paragraph on vicarious liability. What are the duties of broker following termination, expiration, or completion of performance? ✔✔To account for all monies and property relating to the transaction and maintain confidentiality. After November 1, 2013 ✔✔if you use the terms "single party broker" and "transaction broker," you should clearly define the usage, since it is no longer defined in the law. When must a firm inform all parties in a transaction when providing services to both parties? ✔✔Prior to the parties signing a contract to purchase, lease, option or exchange real estate.
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