OLERE (OKLAHOMA LEGAL AND ETHICAL RESPONSIBILITIES) EXAM – QUESTIONS AND ANSWERS | VERIFIED
AND WELL DETAILED ANSWERS | PLUS RATIONALES | DOWNLOAD AND PASS | LATEST EXAM UPDATE
2026/2027
SECTION ONE: QUESTIONS 1-50
1. An Oklahoma real estate licensee is preparing a listing agreement. The seller insists on including a clause
that states the property will not be shown to any person of a specific national origin. What is the licensee's
best course of action?
A. Include the clause as requested to secure the listing, as the seller has the right to choose buyers.
B. Explain to the seller that such a clause violates fair housing laws and refuse to include it.
C. Include the clause but verbally inform showing agents to disregard it to avoid liability.
D. Suggest the seller use a different, less direct method to discourage those buyers.
Correct Answer: B. Explain to the seller that such a clause violates fair housing laws and refuse to include it.
Rationale: The Fair Housing Act prohibits discrimination based on national origin, among other protected classes.
A licensee cannot comply with an owner's discriminatory request. This is a clear violation of both federal and state
law, and the licensee must refuse to include the clause and educate the seller on the law. Options A and C involve
active participation in discrimination, which is illegal. Option D is unethical and still constitutes discrimination.**
,2. A licensee is negotiating the sale of a home built in 1970. The buyers ask if the property has any known
lead-based paint hazards. The licensee knows the seller has never had the home tested. What is the
licensee's obligation under federal law?
A. The licensee must state that there are no lead-based paint hazards because the seller did not disclose any.
B. The licensee must advise the buyers to have the property tested but is not required to disclose anything
further.
C. The licensee must ensure the seller provides the buyers with the EPA-approved lead hazard information
pamphlet and any known records.
D. The licensee must order a lead-based paint inspection at the seller's expense before closing.
Correct Answer: C. The licensee must ensure the seller provides the buyers with the EPA-approved lead
hazard information pamphlet and any known records.
Rationale: The Residential Lead-Based Paint Hazard Reduction Act requires sellers and landlords to disclose known
lead-based paint hazards and provide an EPA-approved pamphlet. They are also required to provide records and
reports related to lead-based paint. The licensee's role is to facilitate this disclosure. The seller does not need to
state the property is free of hazards (Option A), and the licensee is not required to order an inspection (Option D).
The obligation is to provide the pamphlet and any existing information.**
,3. According to the Oklahoma Real Estate License Code, what is the maximum fine the Oklahoma Real Estate
Commission can impose per violation against a licensee?
A. $500
B. $1,000
C. $2,500
D. $5,000
Correct Answer: C. $2,500
Rationale: Under the Oklahoma Real Estate License Code, the Oklahoma Real Estate Commission can impose a
fine of up to $2,500 per violation. This is an important penalty to be aware of. The other options are incorrect
amounts and do not reflect the current statutory limit.**
4. A broker has a signed buyer representation agreement with a client. The client finds a property on their
own and asks the broker to prepare the offer. Under Oklahoma law, what is the relationship between the
broker and the buyer?
A. The broker is a subagent of the seller.
B. The broker is a transaction broker.
, C. The broker is a fiduciary agent for the buyer.
D. The broker is an intermediary.
Correct Answer: C. The broker is a fiduciary agent for the buyer.
Rationale: A written buyer representation agreement establishes a fiduciary agency relationship between the
broker and the buyer. This creates specific duties of loyalty, confidentiality, disclosure, and obedience to the buyer.
The relationship is not that of a subagent (Option A) to the seller, nor is it a transaction broker (Option B) or
intermediary (Option D) unless the licensee also represents the seller or acts as a neutral facilitator.**
5. Which of the following is NOT a protected class under the Oklahoma Anti-Discrimination Act?
A. Race
B. Sexual Orientation
C. Ancestry
D. Religion
Correct Answer: B. Sexual Orientation
Rationale: The Oklahoma Anti-Discrimination Act prohibits discrimination based on race, color, religion, sex,
national origin, ancestry, age, or disability. While some Oklahoma municipalities may have additional protections,
AND WELL DETAILED ANSWERS | PLUS RATIONALES | DOWNLOAD AND PASS | LATEST EXAM UPDATE
2026/2027
SECTION ONE: QUESTIONS 1-50
1. An Oklahoma real estate licensee is preparing a listing agreement. The seller insists on including a clause
that states the property will not be shown to any person of a specific national origin. What is the licensee's
best course of action?
A. Include the clause as requested to secure the listing, as the seller has the right to choose buyers.
B. Explain to the seller that such a clause violates fair housing laws and refuse to include it.
C. Include the clause but verbally inform showing agents to disregard it to avoid liability.
D. Suggest the seller use a different, less direct method to discourage those buyers.
Correct Answer: B. Explain to the seller that such a clause violates fair housing laws and refuse to include it.
Rationale: The Fair Housing Act prohibits discrimination based on national origin, among other protected classes.
A licensee cannot comply with an owner's discriminatory request. This is a clear violation of both federal and state
law, and the licensee must refuse to include the clause and educate the seller on the law. Options A and C involve
active participation in discrimination, which is illegal. Option D is unethical and still constitutes discrimination.**
,2. A licensee is negotiating the sale of a home built in 1970. The buyers ask if the property has any known
lead-based paint hazards. The licensee knows the seller has never had the home tested. What is the
licensee's obligation under federal law?
A. The licensee must state that there are no lead-based paint hazards because the seller did not disclose any.
B. The licensee must advise the buyers to have the property tested but is not required to disclose anything
further.
C. The licensee must ensure the seller provides the buyers with the EPA-approved lead hazard information
pamphlet and any known records.
D. The licensee must order a lead-based paint inspection at the seller's expense before closing.
Correct Answer: C. The licensee must ensure the seller provides the buyers with the EPA-approved lead
hazard information pamphlet and any known records.
Rationale: The Residential Lead-Based Paint Hazard Reduction Act requires sellers and landlords to disclose known
lead-based paint hazards and provide an EPA-approved pamphlet. They are also required to provide records and
reports related to lead-based paint. The licensee's role is to facilitate this disclosure. The seller does not need to
state the property is free of hazards (Option A), and the licensee is not required to order an inspection (Option D).
The obligation is to provide the pamphlet and any existing information.**
,3. According to the Oklahoma Real Estate License Code, what is the maximum fine the Oklahoma Real Estate
Commission can impose per violation against a licensee?
A. $500
B. $1,000
C. $2,500
D. $5,000
Correct Answer: C. $2,500
Rationale: Under the Oklahoma Real Estate License Code, the Oklahoma Real Estate Commission can impose a
fine of up to $2,500 per violation. This is an important penalty to be aware of. The other options are incorrect
amounts and do not reflect the current statutory limit.**
4. A broker has a signed buyer representation agreement with a client. The client finds a property on their
own and asks the broker to prepare the offer. Under Oklahoma law, what is the relationship between the
broker and the buyer?
A. The broker is a subagent of the seller.
B. The broker is a transaction broker.
, C. The broker is a fiduciary agent for the buyer.
D. The broker is an intermediary.
Correct Answer: C. The broker is a fiduciary agent for the buyer.
Rationale: A written buyer representation agreement establishes a fiduciary agency relationship between the
broker and the buyer. This creates specific duties of loyalty, confidentiality, disclosure, and obedience to the buyer.
The relationship is not that of a subagent (Option A) to the seller, nor is it a transaction broker (Option B) or
intermediary (Option D) unless the licensee also represents the seller or acts as a neutral facilitator.**
5. Which of the following is NOT a protected class under the Oklahoma Anti-Discrimination Act?
A. Race
B. Sexual Orientation
C. Ancestry
D. Religion
Correct Answer: B. Sexual Orientation
Rationale: The Oklahoma Anti-Discrimination Act prohibits discrimination based on race, color, religion, sex,
national origin, ancestry, age, or disability. While some Oklahoma municipalities may have additional protections,
