Oklahoma Real Estate Broker Exam — All Questions

The Oklahoma Broker Relationships Act primarily governs:

• a.The maximum commission a broker may charge
• b.Property tax assessment procedures
• c.The duties a broker owes to parties in a transaction and how those relationships are disclosed✓
• d.Zoning and land-use approvals

The Oklahoma Broker Relationships Act defines the duties a broker and associates owe to the parties in a transaction and how those relationships are disclosed to buyers and sellers. Oklahoma frames these as statutory duties owed to a party rather than traditional common-law agency, which candidates should distinguish from other states' agency models.

Under the Oklahoma Broker Relationships Act, a broker who works with a party owes certain mandatory duties. These generally include:

• a.A duty to guarantee the party a profit
• b.Honesty, exercising reasonable skill and care, disclosing information required by law, and accounting for money and property received✓
• c.A duty to represent both sides equally in every transaction
• d.No duties unless a written listing is signed

The Act sets baseline duties a broker owes to a party, such as treating all parties honestly, exercising reasonable skill and care, disclosing information required by law (including known material defects), keeping confidences where required, and accounting for money and property. These duties apply based on the statutory relationship, not on a promise of profit.

In Oklahoma, disclosure of the broker relationship to the parties should occur:

• a.Only at closing
• b.Only if the transaction exceeds a set dollar amount
• c.After the purchase contract is fully performed
• d.Before the party signs a contract for the sale or purchase, so the party understands the relationship✓

The Broker Relationships Act requires the broker to disclose the nature of the relationship to a party before that party enters into a contract, so the consumer understands who is working for whom. Early, written disclosure protects the consumer and the broker and is a common exam focus.