Chapter 1

Question 1

What are the mandatory duties & responsibilities of a broker to all parties in a transaction?

Answer 1

1. Treat all parties with honest & exercise reasonable skill & care
2. Receive all written offers/counteroffers, reduce offers/counteroffers & present timely all written offers/counteroffers.
3. Account for all money & property rec’d by broker
4. Keep confi info rec’d from a party or prospective party confidential.
5. Disclose info pertaining to the property as req’d by Residential Property Condition Disclosure Act
6. Comply with all requirements of the OK Real Estate License Code

Question 2

What info shall be considered confidential in a transaction?

Answer 2

1. A party/prospective party is willing to pay more or accept less than what is offered.
2. A party/prospective party is willing to agree to financing terms different than offered.
3. Motivating factors behind a party or prospective party transacting
4. Info specifically designated as confidential.

Question 3

What is required by a broker or firm if they provide brokerage services to both parties in a transaction?

Answer 3

A broker shall describe & disclose in writing the broker’s/firm’s duties & responsibilities prior to the parties signing a contract.

Question 4

Can a Sales Associate or Broker Associate work with two brokers?

Answer 4

Yes, if one gives consent to the other and commissions to the associate is paid through the supervising broker