Oklahoma Real Estate Broker Exam Study Ch 4-7 with Complete Solutions

Oklahoma Real Estate Broker Exam Study Ch 4-7 with Complete Solutions Under the new Oklahoma Brokerage Relationships Act the duties and responsibilities that were previously designated to transaction brokers are now "assigned" to all brokers. Section 858-363 The authority of Broker Associates deals with a clearer description of an associate's authority. Under the Brokerage Relationships Act which of the following actions is mandatory? Account for all money and property received by the broker in a timely manner. Under what conditions can you disclose confidential information? If the disclosure if required by law. Which of the following statements is True? You are permitted to use the word "agent" in a trade name. What is the suggested strategy for currently active brokerage agreements signed into effect prior to November 1, 2013? Enter into a new agreement when it expires. Which of the following broker actions converts a customer into a client? Entering into a listing agreement. A seller's net sheet is best defined as a tool that is used to help a property owner with a reasonable estimate of costs and net proceeds from the sale of the property. The term "transaction broker" has been removed from the paragraph on vicarious liability. What are the duties of broker following termination, expiration, or completion of performance? To account for all monies and property relating to the transaction and maintain confidentiality. After November 1, 2013 if you use the terms "single party broker" and "transaction broker," you should clearly define the usage, since it is no longer defined in the law. When must a firm inform all parties in a transaction when providing services to both parties? Prior to the parties signing a contract to purchase, lease, option or exchange real estate. Which Oklahoma Broker Relationships Act Law Section has remained unchanged? Duties of Broker Following termination, expiration or completion of performance. Brokerage services means those services provided by a broker to a party in a transaction Which type of information is NOT automatically considered confidential? Proposed property zoning change. Fiduciary duties do not take precedence over the duties defined in the Oklahoma law. A good way of reducing the risk that broker and sale affiliates will commit errors or inadvertent law violations is to maintain a comprehensive and up-to-date procedures manual. Failure to maintain client confidentiality is a risk associated primarily with The agency relationship. How does documentation manage a risk? It serves as evidence that laws have been complied with. A good way of reducing risk that brokers and