OLERE (OKLAHOMA LEGAL AND
ETHICAL RESPONSIBILITIES
EXAMINATION) 2026 WITH
COMPLETE SOLUTIONS 100%
OLERE (OKLAHOMA LEGAL AND ETHICAL
RESPONSIBILITIES EXAMINATION) | Comprehensive
OLERE (OKLAHOMA LEGAL AND ETHICAL
RESPONSIBILITIES EXAMINATION) 2026 WITH
COMPLETE SOLUTIONS 100% VERIFIED!! actual exam
INTRODUCTION
This document is an important and very helpful preparation
resource for OLERE (OKLAHOMA LEGAL AND ETHICAL
RESPONSIBILITIES EXAMINATION) 2026 WITH
COMPLETE SOLUTIONS 100% VERIFIED!!. Every item
uses a focused exam stem, four response options, a keyed
response, and a clear rationale, making it easier to understand
the subject, spot distractors, and build real exam confidence.
Page 1
, Question 1
Under Oklahoma's Broker Relationships Act, a broker who represents both
buyer and seller in the same transaction with written consent must:
A. Treat both parties as clients with full fiduciary duties, including
undivided loyalty.
B. Act as a neutral facilitator with no fiduciary duties to either party.
C. Provide limited confidentiality to both but full loyalty to the seller who
pays the commission.
D. Withdraw from the transaction unless both parties agree to dual
agency with full disclosure.
Correct Answer: C - Provide limited confidentiality to both but
full loyalty to the seller who pays the commission.
RATIONALE
Oklahoma law permits dual agency with written consent, but the
broker may not provide undivided loyalty to both; limited
confidentiality and neutrality are required. Option C correctly reflects
the statutory limitation on loyalty. A is impossible, B is incorrect
because some duties remain, and D is not required if proper disclosure
and consent are obtained.
Question 2
In Oklahoma, which of the following constitutes unauthorized practice of law
by a real estate licensee?
A. Preparing a standard purchase contract using a form promulgated by
the Oklahoma Real Estate Commission.
B. Advising a client on the legal consequences of a specific contract
clause.
C. Filling in blanks on a pre-printed contract form at the direction of the
parties.
D. Explaining the difference between a warranty deed and a quitclaim
deed.
Page 2
,Correct Answer: B - Advising a client on the legal consequences
of a specific contract clause.
RATIONALE
Advising on legal consequences constitutes the practice of law, which
licensees may not do. Using promulgated forms, filling in blanks, and
explaining deed types are permitted ministerial acts. Options A, C, and
D are within the scope of a licensee's duties.
Question 3
A seller's property fails to appraise at the contract price. The contract contains a
financing contingency. The buyer demands a price reduction. Which of the
following is the seller's most legally sound action?
A. Terminate the contract immediately, as the appraisal is a condition
precedent.
B. Refuse to reduce price and hold buyer in breach if they do not proceed.
C. Negotiate in good faith, as the contingency allows buyer to terminate if
financing cannot be obtained.
D. Sue for specific performance to force buyer to purchase at contract
price.
Correct Answer: C - Negotiate in good faith, as the contingency
allows buyer to terminate if financing cannot be obtained.
RATIONALE
A financing contingency typically allows the buyer to terminate if
they cannot obtain financing at the agreed terms. The seller's best
course is to negotiate in good faith, as unilateral termination or forcing
performance may be legally risky. A is premature, B may be invalid if
contingency is not waived, and D is unlikely to succeed if financing
fails.
Page 3
, Question 4
Which of the following best describes the 'innocent landowner defense' under
CERCLA as it applies to Oklahoma real estate licensees?
A. A licensee who unknowingly sells contaminated property is immune
from liability.
B. A buyer must conduct all appropriate inquiries to establish the defense.
C. The defense applies only to owners who did not cause contamination
and had no reason to know.
D. Both B and C are correct.
Correct Answer: D - Both B and C are correct.
RATIONALE
The innocent landowner defense requires that the buyer conducted all
appropriate inquiries and had no reason to know of contamination.
Licensees should advise buyers to perform due diligence. Options B
and C are both elements, so D is correct.
Question 5
Under the NAR Code of Ethics, which of the following is a REALTOR®
prohibited from doing?
A. Offering a client a rebate from commission.
B. Soliciting a listing from a seller who has an exclusive listing with
another broker.
C. Advertising a property without the seller's consent.
D. Both B and C.
Correct Answer: D - Both B and C.
Page 4
ETHICAL RESPONSIBILITIES
EXAMINATION) 2026 WITH
COMPLETE SOLUTIONS 100%
OLERE (OKLAHOMA LEGAL AND ETHICAL
RESPONSIBILITIES EXAMINATION) | Comprehensive
OLERE (OKLAHOMA LEGAL AND ETHICAL
RESPONSIBILITIES EXAMINATION) 2026 WITH
COMPLETE SOLUTIONS 100% VERIFIED!! actual exam
INTRODUCTION
This document is an important and very helpful preparation
resource for OLERE (OKLAHOMA LEGAL AND ETHICAL
RESPONSIBILITIES EXAMINATION) 2026 WITH
COMPLETE SOLUTIONS 100% VERIFIED!!. Every item
uses a focused exam stem, four response options, a keyed
response, and a clear rationale, making it easier to understand
the subject, spot distractors, and build real exam confidence.
Page 1
, Question 1
Under Oklahoma's Broker Relationships Act, a broker who represents both
buyer and seller in the same transaction with written consent must:
A. Treat both parties as clients with full fiduciary duties, including
undivided loyalty.
B. Act as a neutral facilitator with no fiduciary duties to either party.
C. Provide limited confidentiality to both but full loyalty to the seller who
pays the commission.
D. Withdraw from the transaction unless both parties agree to dual
agency with full disclosure.
Correct Answer: C - Provide limited confidentiality to both but
full loyalty to the seller who pays the commission.
RATIONALE
Oklahoma law permits dual agency with written consent, but the
broker may not provide undivided loyalty to both; limited
confidentiality and neutrality are required. Option C correctly reflects
the statutory limitation on loyalty. A is impossible, B is incorrect
because some duties remain, and D is not required if proper disclosure
and consent are obtained.
Question 2
In Oklahoma, which of the following constitutes unauthorized practice of law
by a real estate licensee?
A. Preparing a standard purchase contract using a form promulgated by
the Oklahoma Real Estate Commission.
B. Advising a client on the legal consequences of a specific contract
clause.
C. Filling in blanks on a pre-printed contract form at the direction of the
parties.
D. Explaining the difference between a warranty deed and a quitclaim
deed.
Page 2
,Correct Answer: B - Advising a client on the legal consequences
of a specific contract clause.
RATIONALE
Advising on legal consequences constitutes the practice of law, which
licensees may not do. Using promulgated forms, filling in blanks, and
explaining deed types are permitted ministerial acts. Options A, C, and
D are within the scope of a licensee's duties.
Question 3
A seller's property fails to appraise at the contract price. The contract contains a
financing contingency. The buyer demands a price reduction. Which of the
following is the seller's most legally sound action?
A. Terminate the contract immediately, as the appraisal is a condition
precedent.
B. Refuse to reduce price and hold buyer in breach if they do not proceed.
C. Negotiate in good faith, as the contingency allows buyer to terminate if
financing cannot be obtained.
D. Sue for specific performance to force buyer to purchase at contract
price.
Correct Answer: C - Negotiate in good faith, as the contingency
allows buyer to terminate if financing cannot be obtained.
RATIONALE
A financing contingency typically allows the buyer to terminate if
they cannot obtain financing at the agreed terms. The seller's best
course is to negotiate in good faith, as unilateral termination or forcing
performance may be legally risky. A is premature, B may be invalid if
contingency is not waived, and D is unlikely to succeed if financing
fails.
Page 3
, Question 4
Which of the following best describes the 'innocent landowner defense' under
CERCLA as it applies to Oklahoma real estate licensees?
A. A licensee who unknowingly sells contaminated property is immune
from liability.
B. A buyer must conduct all appropriate inquiries to establish the defense.
C. The defense applies only to owners who did not cause contamination
and had no reason to know.
D. Both B and C are correct.
Correct Answer: D - Both B and C are correct.
RATIONALE
The innocent landowner defense requires that the buyer conducted all
appropriate inquiries and had no reason to know of contamination.
Licensees should advise buyers to perform due diligence. Options B
and C are both elements, so D is correct.
Question 5
Under the NAR Code of Ethics, which of the following is a REALTOR®
prohibited from doing?
A. Offering a client a rebate from commission.
B. Soliciting a listing from a seller who has an exclusive listing with
another broker.
C. Advertising a property without the seller's consent.
D. Both B and C.
Correct Answer: D - Both B and C.
Page 4
