Oklahoma Real Estate Sales Associate Exam — All Questions

Under the Oklahoma Broker Relationships Act as it stands today, what is a broker's status toward the parties?

• a.A subagent of the listing broker in cooperative sales
• b.A dual agent once both parties sign a written consent
• c.Not an agent, subagent or dual agent of either party✓
• d.A universal agent for whichever party first engages

Oklahoma abolished common-law agency for licensees. A broker simply provides brokerage services to one or both parties and owes the mandatory statutory duties, which replace and abrogate common-law fiduciary duties. The statute is explicit that a broker shall not be an agent, subagent or dual agent, and that an offer of subagency shall not be made to other brokers. NOTE: the terms 'single-party broker' and 'transaction broker' were struck from the Act by HB 2524 effective 2013-11-01 and appear nowhere in OREC's current code book; older study guides still teach them. Cite: 59 O.S. 858-360(B); 858-353.

Under Oklahoma law, when must a broker disclose the broker relationship in writing to a party?

• a.Only after closing
• b.Before the party signs a contract for the sale or purchase of the property✓
• c.Never, because disclosure is optional in Oklahoma
• d.Only if the party is unrepresented

The Oklahoma Broker Relationships Act requires that the broker relationship be disclosed to a party in writing before that party signs a contract to buy or sell the property, so the consumer understands whether the broker is acting as a single-party broker or a transaction broker.

Under the Oklahoma Broker Relationships Act, a broker working with a party to a transaction is:

• a.the general agent of the party who pays the commission
• b.not an agent, subagent, or dual agent of any party✓
• c.a dual agent once both parties sign a consent
• d.a subagent of the listing broker

Oklahoma replaced common-law agency with statutory duties. The Act's duties 'replace and abrogate the fiduciary or other duties of a broker to a party based on common law principles of agency,' and the statute adds that a broker shall not be an agent, subagent, or dual agent and that an offer of subagency shall not be made to other brokers. Who pays does not change this. Cite: 59 O.S. § 858-360(A)-(B) (Oklahoma Real Estate License Code and Rules, as of Nov. 1, 2025).

Oklahoma's statutory list of 'confidential information' a broker must keep confidential is exclusive. Which item is on that list?

• a.The number of days the property has been publicly marketed
• b.That a party is willing to accept less than the price being offered✓
• c.The square footage shown in the county assessor's public record
• d.The existence of a recorded utility easement crossing the lot

Section 858-353(A)(4) names four and only four confidential items: that a party will pay more or accept less than what is offered; that a party will agree to different financing terms; the party's motivating factors; and information the party specifically designates as confidential unless it is public. Marketing time, assessor records and recorded easements are public, so they are not confidential under the Act. Cite: 59 O.S. § 858-353(A)(4).

An Oklahoma compensation agreement between a broker and a represented party states no time frame. How long is it valid?

• a.Thirty days
• b.Sixty days✓
• c.Ninety days
• d.Twelve months

A 2024 amendment added a compensation-disclosure duty: the broker must disclose the time frame for which the compensation agreement is valid, which may not exceed one year, and 'if no time frame is specified, the compensation agreement shall default to sixty (60) days.' One year is the ceiling, not the default. Cite: 59 O.S. § 858-353(A)(7)(b), added by Okla. Laws 2024, SB 1920, § 1, eff. Nov. 1, 2024.

An Oklahoma broker must describe and disclose the statutory broker duties in writing to a party. When?

• a.Within three business days after the contract is signed
• b.Only when the party asks for a written description
• c.At first substantive contact, whether or not in writing
• d.Before that party signs the contract✓

A broker providing brokerage services to one or both parties must describe and disclose the Section 858-353 duties in writing prior to the party or parties signing a contract to sell, purchase, lease, option, or exchange real estate. The duty does not depend on a request, and after signing is too late. Cite: 59 O.S. § 858-355.1(C).

How must the parties confirm the written broker-duties disclosure required by 59 O.S. § 858-355.1(C)?

• a.In a separate provision incorporated in or attached to the purchase, lease, option, or exchange contract✓
• b.By a notarized affidavit filed with the Oklahoma Real Estate Commission
• c.By an oral acknowledgment witnessed by the closing agent
• d.By initialing the listing agreement when it is signed

Section 858-356 requires each party to confirm the disclosure in writing in a separate provision incorporated in or attached to the contract. Where the broker is involved but does not prepare the contract, the broker must document compliance. No notarization or Commission filing is required. Cite: 59 O.S. § 858-356.

Absent a written agreement saying otherwise, what does an Oklahoma broker still owe a party after performance is complete?

• a.To keep marketing the property until it closes elsewhere
• b.A continuing duty of undivided loyalty to that party
• c.To account for money and to keep confidences✓
• d.Nothing at all

After termination, expiration, or completion of performance, the broker owes no further duties except two: to account for all monies and property relating to the transaction, and to keep confidential all confidential information received during the relationship. Cite: 59 O.S. § 858-358.

In Oklahoma, what does the payment of a commission by one party to a broker establish?

• a.That the paying party is the broker's client for the transaction
• b.That the broker owes the paying party a fiduciary duty of loyalty
• c.That the broker may not provide brokerage services to the other party
• d.Nothing about what relationship, if any, exists between them✓

The statute is explicit that the payment or promise of payment of compensation by a party does not determine what relationship, if any, has been established between the broker and a party, and that receiving a fee based on selling price or lease cost is not a breach of duty. Cite: 59 O.S. § 858-359(A)-(B).

A seller is sued over a statement her listing licensee made. Under the Broker Relationships Act, what is the seller's exposure?

• a.None, because a party is not vicariously liable for a licensee's acts✓
• b.Full liability for any act the licensee took within the scope of the brokerage agreement
• c.Liability only if that party paid the licensee directly
• d.Liability unless the agreement disclaims it in writing

Oklahoma eliminated vicarious liability by statute: a party to a real estate transaction shall not be vicariously liable for the acts or omissions of a real estate licensee providing brokerage services under the Act. No disclaimer is needed to get that protection. Cite: 59 O.S. § 858-362.

May an Oklahoma brokerage use the word 'agent' in its trade name even though licensees are not agents?

• a.No, because the Act abrogated agency and the word would mislead
• b.Yes, the Act permits 'agent' in a trade name and as a general reference✓
• c.Yes, but only if the brokerage registers a disclaimer with the Commission
• d.No, unless every brokerage agreement defines the term for the consumer

The Act anticipates the vocabulary problem and answers it: brokers and their associates are permitted to use the word 'agent' in a trade name and as a general reference for designating themselves as real estate licensees. Cite: 59 O.S. § 858-361.

An Oklahoma sales associate is signing a listing agreement. In whose name may the agreement be entered?

• a.The associate's own name, with the broker countersigning later
• b.Either name, at the seller's election
• c.Only in the name of the associate's broker✓
• d.The associate's registered team name, if the broker approves

Associates shall not enter into a brokerage agreement in the associate's name and may enter it only in the name of the broker. A broker may authorize associates to provide brokerage services in the broker's name, which may include executing written agreements. Cite: 59 O.S. § 858-363; OAC 605:10-11-1(a).

A broker manages a rental house for the landlord and shows it to a prospective tenant. What does the broker owe that tenant?

• a.All statutory broker duties, because showing property creates a relationship
• b.Nothing, because the tenant is not the broker's client
• c.A duty of loyalty equal to that owed the landlord
• d.Honesty and reasonable skill and care✓

Commission rule provides that services given to a tenant under a landlord's property management agreement do not create a broker relationship with the tenant unless agreed in writing; however, the broker still owes the tenant the duties of honesty and exercising reasonable skill and care. Cite: OAC 605:10-15-2(c).