Oklahoma - State Practice Exam Questions
All Answers Provided
The ______ is hired by the commission and takes care of the commission's day-to-day operations, such
as licensing and education activities. - CORRECT ANSWER✔✔Executive Director
An Oklahoma agreement for a licensee to perform property management activities and work on a
client's behalf must be _____. - CORRECT ANSWER✔✔In writing
Which of the following statutory duties remains in effect after the transaction closes, according to
Oklahoma law?
-Confidentiality
-Loyalty
-Obedience
-Reasonable Skill and Care - CORRECT ANSWER✔✔Confidentiality
Under what condition may a property owner terminate their property management agreement with the
property manager without penalty? - CORRECT ANSWER✔✔They must give the Licensee notice as
specified in the agreement. q
As an Oklahoma licensee, Linda is responsible for informing ______ of the expected closing costs and
their amounts _______. - CORRECT ANSWER✔✔Those she provides brokerage services to, when an
offer is made
Which of the following contracts is used by Oklahoma real estate licensees for business?
,-Commercial Sales Contract
-Land Contract
-Lease-purchase Contract
-Residential Resale Contract - CORRECT ANSWER✔✔Commercial Sales Contract
Alison's clients want to know whether they should obtain a property inspection for some real estate
they are looking at purchasing. In order to comply with Oklahoma license law, how should Alison
respond? - CORRECT ANSWER✔✔"You should definitely consider getting an inspection!"
Which of the following accurately describes a broker associate licensee?
-A broker whom the commission appoints if another broker becomes incapacitated
-A licensed person who may only operate on behalf of a broker
-A licensed person who's just begun her career as a real estate professional
-An unlicensed person who is an assistant to a broker - CORRECT ANSWER✔✔A licensed person who
may only operate on behalf of a broker
Will and Teddy have decided to leave their Tulsa apartment. They give their property manager 30 days'
notice and start packing. How would the two go about getting their security deposit back? - CORRECT
ANSWER✔✔They'll need to submit a request for the deposit's return within six months of their move-
out date.
Oklahoma licensee Arlene is meeting with her buyer clients. When working with clients, which of the
following is true?
-She can function as an agent, subagent, or dual agent
-She can refer to herself as an agent for general purposes, but she won't function in the capacity of an
agent, subagent, or dual agent
-She isn't allowed to refer to herself as an agent
-She owes them fiduciary and statutory duties - CORRECT ANSWER✔✔She can refer to herself as an
agent for general purposes, but she won't function in the capacity of an agent, subagent, or dual agent
,Dawson, a property manager, was reviewing a property management agreement and was happy to
learn that he would be indemnified for any losses due to tenant negligence. Where is this likely found in
the property management agreement? - CORRECT ANSWER✔✔Insurance provision
Which of the following is an example of deceptive advertising?
-Including the broker's name in an ad
-Including the listing price in an ad
-Intentionally misidentifying a property's square footage
-Promptly removing an ad after a transaction closes - CORRECT ANSWER✔✔Intentionally misidentifying
a property's square footage
In Oklahoma, the statutory duty of accounting for money or property received in a timely manner is
owed to whom? - CORRECT ANSWER✔✔All parties in a transaction
Licensee Seth is working with a seller client, Pete. Seth asked Pete to complete the residential real
property disclosure report form, and then Seth gave it to the buyer, who made an offer. Two days after
Pete accepted the offer, Seth discovered that Pete's roof leaks when there's heavy rain, a face that
hadn't been disclosed to the buyer. What should Seth do? - CORRECT ANSWER✔✔Have Pete complete a
supplemental disclosure and give it to the buyer ASAP
Regardless of what day of the month the license was issued, upon what day do Oklahoma real estate
sales associate and broker licenses expire? - CORRECT ANSWER✔✔The last day of the month in the 36th
month of licensure.
In Oklahoma, when is the renewal deadline for licensees to renew their licenses? - CORRECT
ANSWER✔✔The license renewal deadline is the 10th of the month, in the 36th month since licensure,
counting the first month.
Which of the following is NOT an Oklahoma broker's responsibility?
, -Associates' business success
-Completion of transactional paperwork
-Providing help and guidance to associates
-Providing or overseeing training for associates - CORRECT ANSWER✔✔Associates' business success
The Oklahoma Real Estate Commission has the authority to do all of the following, EXCEPT which one?
-Apply injunctions and restraining orders
-Conduct an annual performance review of the governor
-Conduct disciplinary hearings
-Suspend real estate licenses - CORRECT ANSWER✔✔Conduct an annual performance review of the
governor
Lisa is representing Tom and Angie, who are buying their first home. As she works with them in the
transaction, which of the following is a true statement?
-She isn't required to abide by common law fiduciary duties
-She is required to abide by both fiduciary duties and Oklahoma's statutory duties
-She is required to establish an agency relationship
-She must abide by all common law fiduciary duties - CORRECT ANSWER✔✔She isn't required to abide
by common law fiduciary duties.
Oklahoma licensees must abide by the statutory duties established in the Oklahoma Broker
Relationships Act, and not fiduciary duties.
Marion is an Oklahoma licensee who handles property management duties for several clients, including
collecting tenant's rent each month. Where should these funds be deposited? - CORRECT ANSWER✔✔A
trust or escrow account.
All Answers Provided
The ______ is hired by the commission and takes care of the commission's day-to-day operations, such
as licensing and education activities. - CORRECT ANSWER✔✔Executive Director
An Oklahoma agreement for a licensee to perform property management activities and work on a
client's behalf must be _____. - CORRECT ANSWER✔✔In writing
Which of the following statutory duties remains in effect after the transaction closes, according to
Oklahoma law?
-Confidentiality
-Loyalty
-Obedience
-Reasonable Skill and Care - CORRECT ANSWER✔✔Confidentiality
Under what condition may a property owner terminate their property management agreement with the
property manager without penalty? - CORRECT ANSWER✔✔They must give the Licensee notice as
specified in the agreement. q
As an Oklahoma licensee, Linda is responsible for informing ______ of the expected closing costs and
their amounts _______. - CORRECT ANSWER✔✔Those she provides brokerage services to, when an
offer is made
Which of the following contracts is used by Oklahoma real estate licensees for business?
,-Commercial Sales Contract
-Land Contract
-Lease-purchase Contract
-Residential Resale Contract - CORRECT ANSWER✔✔Commercial Sales Contract
Alison's clients want to know whether they should obtain a property inspection for some real estate
they are looking at purchasing. In order to comply with Oklahoma license law, how should Alison
respond? - CORRECT ANSWER✔✔"You should definitely consider getting an inspection!"
Which of the following accurately describes a broker associate licensee?
-A broker whom the commission appoints if another broker becomes incapacitated
-A licensed person who may only operate on behalf of a broker
-A licensed person who's just begun her career as a real estate professional
-An unlicensed person who is an assistant to a broker - CORRECT ANSWER✔✔A licensed person who
may only operate on behalf of a broker
Will and Teddy have decided to leave their Tulsa apartment. They give their property manager 30 days'
notice and start packing. How would the two go about getting their security deposit back? - CORRECT
ANSWER✔✔They'll need to submit a request for the deposit's return within six months of their move-
out date.
Oklahoma licensee Arlene is meeting with her buyer clients. When working with clients, which of the
following is true?
-She can function as an agent, subagent, or dual agent
-She can refer to herself as an agent for general purposes, but she won't function in the capacity of an
agent, subagent, or dual agent
-She isn't allowed to refer to herself as an agent
-She owes them fiduciary and statutory duties - CORRECT ANSWER✔✔She can refer to herself as an
agent for general purposes, but she won't function in the capacity of an agent, subagent, or dual agent
,Dawson, a property manager, was reviewing a property management agreement and was happy to
learn that he would be indemnified for any losses due to tenant negligence. Where is this likely found in
the property management agreement? - CORRECT ANSWER✔✔Insurance provision
Which of the following is an example of deceptive advertising?
-Including the broker's name in an ad
-Including the listing price in an ad
-Intentionally misidentifying a property's square footage
-Promptly removing an ad after a transaction closes - CORRECT ANSWER✔✔Intentionally misidentifying
a property's square footage
In Oklahoma, the statutory duty of accounting for money or property received in a timely manner is
owed to whom? - CORRECT ANSWER✔✔All parties in a transaction
Licensee Seth is working with a seller client, Pete. Seth asked Pete to complete the residential real
property disclosure report form, and then Seth gave it to the buyer, who made an offer. Two days after
Pete accepted the offer, Seth discovered that Pete's roof leaks when there's heavy rain, a face that
hadn't been disclosed to the buyer. What should Seth do? - CORRECT ANSWER✔✔Have Pete complete a
supplemental disclosure and give it to the buyer ASAP
Regardless of what day of the month the license was issued, upon what day do Oklahoma real estate
sales associate and broker licenses expire? - CORRECT ANSWER✔✔The last day of the month in the 36th
month of licensure.
In Oklahoma, when is the renewal deadline for licensees to renew their licenses? - CORRECT
ANSWER✔✔The license renewal deadline is the 10th of the month, in the 36th month since licensure,
counting the first month.
Which of the following is NOT an Oklahoma broker's responsibility?
, -Associates' business success
-Completion of transactional paperwork
-Providing help and guidance to associates
-Providing or overseeing training for associates - CORRECT ANSWER✔✔Associates' business success
The Oklahoma Real Estate Commission has the authority to do all of the following, EXCEPT which one?
-Apply injunctions and restraining orders
-Conduct an annual performance review of the governor
-Conduct disciplinary hearings
-Suspend real estate licenses - CORRECT ANSWER✔✔Conduct an annual performance review of the
governor
Lisa is representing Tom and Angie, who are buying their first home. As she works with them in the
transaction, which of the following is a true statement?
-She isn't required to abide by common law fiduciary duties
-She is required to abide by both fiduciary duties and Oklahoma's statutory duties
-She is required to establish an agency relationship
-She must abide by all common law fiduciary duties - CORRECT ANSWER✔✔She isn't required to abide
by common law fiduciary duties.
Oklahoma licensees must abide by the statutory duties established in the Oklahoma Broker
Relationships Act, and not fiduciary duties.
Marion is an Oklahoma licensee who handles property management duties for several clients, including
collecting tenant's rent each month. Where should these funds be deposited? - CORRECT ANSWER✔✔A
trust or escrow account.
