Oklahoma Managing Broker Examination
Questions And Correct Answers (Verified
Answers) Plus Rationales 2026 Q&A |
Instant Download Pdf
SECTION 1: OKLAHOMA BROKER RELATIONSHIPS ACT
1. Under the Oklahoma Broker Relationships Act, which of the following terms is
NO LONGER recognized in Oklahoma residential brokerage?
• A. Broker
• B. Client
• C. Dual agent
• D. Customer
The Oklahoma Broker Relationships Act, effective in 2000, abolished
traditional common-law agency in residential brokerage. Terms such as "dual
agent," "fiduciary," and "subagent" are not recognized in Oklahoma. Instead,
Oklahoma uses "single-party broker" and "services to both parties."
2. How many mandatory duties does an Oklahoma broker owe to ALL parties in
a transaction, whether represented or not?
• A. Three
• B. Five
• C. Seven
• D. Ten
, Section 858-353 of the Oklahoma Broker Relationships Act lists five
mandatory duties owed to every party: honesty, exercise of reasonable skill and
care, timely presentation of all written offers, accounting for money and property,
and confidentiality. These duties cannot be waived.
3. Under Oklahoma law, when must a broker provide the written Disclosure of
Brokerage Service to a seller?
• A. Within 3 days after the listing agreement is signed
• B. Before the party signs any contract to sell, purchase, option, lease, or
exchange real estate
• C. At the closing table
• D. Only if the seller requests it
Under Section 858-353, a broker must describe and disclose in writing the
broker's duties and responsibilities before a party signs any contract to sell,
purchase, option, lease, or exchange real estate. The disclosure must precede the
exchange of confidential information.
4. An Oklahoma broker learns during a listing presentation that the seller will
accept $20,000 less than the asking price. The broker discloses this information
to a buyer without written consent. Which duty has the broker violated?
• A. Honesty
• B. Accounting for money
• C. Confidentiality
• D. Reasonable skill and care
Confidential information under the Oklahoma Broker Relationships Act
includes the fact that a party will pay more or accept less than offered, financing
,flexibility, and motivation. This information may not be revealed without written
consent.
5. If a brokerage agreement does not state a specific time frame, what is the
default duration under Oklahoma law?
• A. 30 days
• B. 60 days
• C. 90 days
• D. One year
Under the Oklahoma Broker Relationships Act, if no time frame is stated in the
brokerage agreement, the agreement defaults to 60 days. The agreement may
never exceed one year.
6. Which of the following is NOT one of the five mandatory duties owed to all
parties under the Oklahoma Broker Relationships Act?
• A. Honesty
• B. Advocacy
• C. Confidentiality
• D. Accounting for money and property
The five mandatory duties are honesty, exercise of reasonable skill and care,
timely presentation of all written offers, accounting for money and property, and
confidentiality. Advocacy is not among the mandatory duties owed to all parties; it
may arise only in a single-party representation.
7. In Oklahoma, what is the maximum duration of a brokerage agreement?
, • A. 6 months
• B. 9 months
• C. 1 year
• D. 2 years
The Oklahoma Broker Relationships Act states that a brokerage agreement
may never exceed one year. If no time frame is stated, it defaults to 60 days.
8. A licensee in Oklahoma shows a home to a prospective buyer at an open
house. The buyer asks the licensee to represent them. When must the licensee
provide the Disclosure of Brokerage Service – Buyer?
• A. Within 24 hours of the showing
• B. Before signing the buyer broker service agreement
• C. At the time the offer is written
• D. Within 3 days of first contact
The disclosure must be provided before the buyer signs the buyer broker
service agreement. For a buyer first engaging a firm, the disclosure is due before
signing the buyer broker service agreement.
9. Which Oklahoma statute codifies the Broker Relationships Act?
• A. Title 59 O.S. Sections 858-101 through 858-200
• B. Title 59 O.S. Sections 858-351 through 858-363
• C. Title 60 O.S. Sections 100-150
• D. Title 68 O.S. Sections 1350-1400
Questions And Correct Answers (Verified
Answers) Plus Rationales 2026 Q&A |
Instant Download Pdf
SECTION 1: OKLAHOMA BROKER RELATIONSHIPS ACT
1. Under the Oklahoma Broker Relationships Act, which of the following terms is
NO LONGER recognized in Oklahoma residential brokerage?
• A. Broker
• B. Client
• C. Dual agent
• D. Customer
The Oklahoma Broker Relationships Act, effective in 2000, abolished
traditional common-law agency in residential brokerage. Terms such as "dual
agent," "fiduciary," and "subagent" are not recognized in Oklahoma. Instead,
Oklahoma uses "single-party broker" and "services to both parties."
2. How many mandatory duties does an Oklahoma broker owe to ALL parties in
a transaction, whether represented or not?
• A. Three
• B. Five
• C. Seven
• D. Ten
, Section 858-353 of the Oklahoma Broker Relationships Act lists five
mandatory duties owed to every party: honesty, exercise of reasonable skill and
care, timely presentation of all written offers, accounting for money and property,
and confidentiality. These duties cannot be waived.
3. Under Oklahoma law, when must a broker provide the written Disclosure of
Brokerage Service to a seller?
• A. Within 3 days after the listing agreement is signed
• B. Before the party signs any contract to sell, purchase, option, lease, or
exchange real estate
• C. At the closing table
• D. Only if the seller requests it
Under Section 858-353, a broker must describe and disclose in writing the
broker's duties and responsibilities before a party signs any contract to sell,
purchase, option, lease, or exchange real estate. The disclosure must precede the
exchange of confidential information.
4. An Oklahoma broker learns during a listing presentation that the seller will
accept $20,000 less than the asking price. The broker discloses this information
to a buyer without written consent. Which duty has the broker violated?
• A. Honesty
• B. Accounting for money
• C. Confidentiality
• D. Reasonable skill and care
Confidential information under the Oklahoma Broker Relationships Act
includes the fact that a party will pay more or accept less than offered, financing
,flexibility, and motivation. This information may not be revealed without written
consent.
5. If a brokerage agreement does not state a specific time frame, what is the
default duration under Oklahoma law?
• A. 30 days
• B. 60 days
• C. 90 days
• D. One year
Under the Oklahoma Broker Relationships Act, if no time frame is stated in the
brokerage agreement, the agreement defaults to 60 days. The agreement may
never exceed one year.
6. Which of the following is NOT one of the five mandatory duties owed to all
parties under the Oklahoma Broker Relationships Act?
• A. Honesty
• B. Advocacy
• C. Confidentiality
• D. Accounting for money and property
The five mandatory duties are honesty, exercise of reasonable skill and care,
timely presentation of all written offers, accounting for money and property, and
confidentiality. Advocacy is not among the mandatory duties owed to all parties; it
may arise only in a single-party representation.
7. In Oklahoma, what is the maximum duration of a brokerage agreement?
, • A. 6 months
• B. 9 months
• C. 1 year
• D. 2 years
The Oklahoma Broker Relationships Act states that a brokerage agreement
may never exceed one year. If no time frame is stated, it defaults to 60 days.
8. A licensee in Oklahoma shows a home to a prospective buyer at an open
house. The buyer asks the licensee to represent them. When must the licensee
provide the Disclosure of Brokerage Service – Buyer?
• A. Within 24 hours of the showing
• B. Before signing the buyer broker service agreement
• C. At the time the offer is written
• D. Within 3 days of first contact
The disclosure must be provided before the buyer signs the buyer broker
service agreement. For a buyer first engaging a firm, the disclosure is due before
signing the buyer broker service agreement.
9. Which Oklahoma statute codifies the Broker Relationships Act?
• A. Title 59 O.S. Sections 858-101 through 858-200
• B. Title 59 O.S. Sections 858-351 through 858-363
• C. Title 60 O.S. Sections 100-150
• D. Title 68 O.S. Sections 1350-1400
