Real Estate Brokerage Definitions Quiz
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Questions and Answers

Who is authorized by a real estate broker to provide brokerage services?

  • Real estate broker associate
  • Sales associate (correct)
  • Duties Owed All Parties Broker
  • Firm

    • What does 'brokerage services' refer to?

  • Services provided by a broker to a party in a transaction (correct)
  • Activities related to property maintenance
  • Services provided by a lawyer in real estate transactions
  • Financial services related to real estate investment

    • What does 'firm' refer to?

  • A group of brokers working together
  • A legal entity that can provide brokerage services (correct)
  • A specific real estate transaction
  • A synonym for 'real estate broker'

    • What is one of the duties owed by all parties according to the text?

    <p>To keep confidential information received from a party or prospective party</p> Signup and view all the answers

    Which parties are involved in a real estate transaction according to the text?

    <p>Seller, buyer, landlord, or tenant, among others</p> Signup and view all the answers

    What does the term 'transaction' refer to in the context provided?

    <p>An activity or process involving buying, selling, leasing, etc., of real estate</p> Signup and view all the answers

    What must a broker do with written offers and counteroffers as per the text?

    <p>Promptly account for them</p> Signup and view all the answers

    What is one obligation for brokers in terms of information disclosure?

    <p>To disclose information as required by the Residential Property Condition Disclosure Act</p> Signup and view all the answers

    What can brokers receive as remuneration from a real estate transaction as per the text?

    <p>A commission from any party involved in the transaction</p> Signup and view all the answers

    'Duties Owed All Parties Broker' refers to:

    <p>'Duties Owed All Parties Broker' refers to the duties owed by brokers to all parties in a transaction.</p> Signup and view all the answers

    What is one of the conditions under which a broker may disclose confidential information?

    <p>Party consents in writing</p> Signup and view all the answers

    What must a broker do after the termination of a transaction?

    <p>Account for all money and property</p> Signup and view all the answers

    In brokerage agreements, what transforms a consumer into a party?

    <p>Written accord between a broker and an individual</p> Signup and view all the answers

    What must happen before a broker initiates contract action?

    <p>Disclosure must be made in writing to all relevant parties</p> Signup and view all the answers

    What does Oklahoma law no longer identify in real estate transactions?

    <p>'Single-party brokers' and 'transaction brokers'</p> Signup and view all the answers

    When can a broker disclose confidential information?

    <p>If required by law or with party's written consent</p> Signup and view all the answers

    What should a broker do if they intend on providing fewer services than required for any specific party?

    <p>Disclose this in writing</p> Signup and view all the answers

    What should occur if a broker represents both sides of a transaction?

    <p>The broker must provide written disclosure to both parties involved</p> Signup and view all the answers

    What is mandatory for all associates in terms of agreements?

    <p>Must enter into agreements using the name of their respective brokers</p> Signup and view all the answers

    What is the main responsibility of a real estate broker in terms of offers and counteroffers?

    <p>To reduce all offers or counteroffers to a written form upon request</p> Signup and view all the answers

    What is the primary obligation of a broker regarding confidential information?

    <p>To keep all confidential information received from a party or prospective party</p> Signup and view all the answers

    What is a broker required to do with any money or property received during a transaction?

    <p>Account for it in a timely manner</p> Signup and view all the answers

    In real estate, what does the term 'firm' typically refer to?

    <p>A sole proprietor, corporation, association, or partnership</p> Signup and view all the answers

    What action must a broker take upon receiving written offers or counteroffers according to the text?

    <p>Reduce them to a written form upon request of any party in the transaction</p> Signup and view all the answers

    What is one of the requirements for 'Broker Duties Owed To All Parties' as mentioned in the text?

    <p><strong>Exercising reasonable skill and care for all parties</strong></p> Signup and view all the answers

    'Brokerage services' usually refer to what aspect of real estate according to the provided text?

    <p><strong>The activities or processes related to buying, selling, leasing, renting, optioning, or exchanging real estate</strong></p> Signup and view all the answers

    What happens if a broker fails to comply with The Oklahoma Real Estate License Code and applicable statutes?

    <p>This violation can lead to disciplinary actions against the broker</p> Signup and view all the answers

    When should a broker disclose information as required by the Residential Property Condition Disclosure Act?

    <p>As required by law</p> Signup and view all the answers

    What type of information is considered confidential in a real estate transaction, according to the text?

    <p>Motivating factors of a party or prospective party</p> Signup and view all the answers

    In real estate brokerage agreements, what transforms a consumer into a party as per the text?

    <p>Written accord between a broker and an individual</p> Signup and view all the answers

    What is the duty of a broker after the termination of a real estate transaction?

    <p>Account for all money and property involved in the transaction</p> Signup and view all the answers

    What is mandatory for all associates in terms of agreements with brokers?

    <p>To conduct actions under the name of their respective brokers</p> Signup and view all the answers

    When can a broker disclose confidential information according to the text?

    <p>When required by law or with consent in writing from the party</p> Signup and view all the answers

    What is one of the duties owed by brokers to clients, based on the information provided?

    <p>Inform parties when an offer has been made</p> Signup and view all the answers

    What can brokers receive as remuneration from a real estate transaction?

    <p>Independent fee for transactional services</p> Signup and view all the answers

    What must occur before a broker initiates contract action, according to the text?

    <p>Disclosure must be made in writing to all relevant parties</p> Signup and view all the answers

    'Client' is still commonly used along with which term as per the text?

    <p>'Party'</p> Signup and view all the answers

    What must a broker do with confidential information about a party or prospective party?

    <p>Keep confidential unless consent given</p> Signup and view all the answers

    What is one of the obligations of brokers after the termination of a real estate transaction?

    <p>Maintain confidentiality</p> Signup and view all the answers

    In a brokerage agreement, what should occur if a broker represents both sides of a transaction?

    <p>Written disclosure to both parties</p> Signup and view all the answers

    What is the impact of a brokerage agreement between a broker and an individual?

    <p>Transforms consumer into a party</p> Signup and view all the answers

    What is mandatory for all associates in their agreements with brokers?

    <p>Use the name of their respective brokers</p> Signup and view all the answers

    What is the term 'client' commonly used along with in the text?

    <p>Party</p> Signup and view all the answers

    What action must a broker take upon receiving written offers or counteroffers according to the text?

    <p>Maintain them for reference</p> Signup and view all the answers

    What does 'agent' typically refer to in real estate transactions?

    <p>A broker's affiliated individual</p> Signup and view all the answers

    What happens if a broker fails to comply with The Oklahoma Real Estate License Code and applicable statutes?

    <p>Possibility of losing license</p> Signup and view all the answers

    What is one obligation for brokers in terms of information disclosure?

    <p>Being truthful and accurate</p> Signup and view all the answers

    What is the primary duty of a broker as outlined in the text?

    <p>To keep confidential information received from a party</p> Signup and view all the answers

    What is one of the requirements for brokers regarding written offers and counteroffers?

    <p>They must reduce them to a written form upon request</p> Signup and view all the answers

    What must a broker do with any money or property received during a real estate transaction?

    <p>Account for all money and property received</p> Signup and view all the answers

    What is a broker required to disclose as per the Residential Property Condition Disclosure Act?

    <p>Information pertaining to the property as required by the Act</p> Signup and view all the answers

    What is the main duty of a broker in terms of handling offers and counteroffers during a transaction?

    <p>To present timely all written offers and counteroffers</p> Signup and view all the answers

    What can brokers receive as remuneration from a real estate transaction according to the text?

    <p>Commission from any party involved in the transaction</p> Signup and view all the answers

    What does 'firm' typically refer to in real estate transactions?

    <p>Sole proprietors and corporations providing brokerage services</p> Signup and view all the answers

    In terms of confidentiality, when can a broker disclose confidential information?

    <p>Only if specifically required by law or statute</p> Signup and view all the answers

    What is the primary duty of a real estate broker in terms of handling offers and counteroffers?

    <p>To present timely all written offers and counteroffers</p> Signup and view all the answers

    When is a broker required to disclose information as mandated by the Residential Property Condition Disclosure Act?

    <p>As required by law, regardless of the impact on the transaction</p> Signup and view all the answers

    What must a broker do with confidential information about a party or prospective party?

    <p>Keep it confidential unless required by law to disclose</p> Signup and view all the answers

    What is one obligation for brokers in terms of information disclosure?

    <p>To disclose information as required by law and regulations</p> Signup and view all the answers

    'Firm' typically refers to what in real estate transactions?

    <p>The legal entity (e.g., corporation, partnership) operating in real estate</p> Signup and view all the answers

    'Brokerage services' usually refer to what aspect of real estate according to the provided text?

    <p>Services provided by a broker in a real estate transaction</p> Signup and view all the answers

    'Duties Owed All Parties Broker' refers to:

    <p>'Duties that brokers owe to all parties involved in a transaction'</p> Signup and view all the answers

    'Client' is still commonly used along with which term as per the text?

    <p>'Broker'</p> Signup and view all the answers

    'What type of information is considered confidential in a real estate transaction, according to the text?'

    <p>'Personal information shared by buyers'</p> Signup and view all the answers

    What is the primary obligation of a broker regarding confidentiality?

    <p>Only disclose confidential information if required by law or with party consent</p> Signup and view all the answers

    What must a broker do with confidential information about a party or prospective party?

    <p>Maintain confidentiality unless party consents in writing or disclosure is required by law</p> Signup and view all the answers

    What happens if a broker represents both sides of a transaction?

    <p>Broker must provide both parties with written disclosure and ensure compliance from each party</p> Signup and view all the answers

    What can be considered confidential information in real estate transactions?

    <p>Motivating factors of a party or prospective party</p> Signup and view all the answers

    When providing fewer services than required for any specific party, what must a broker do?

    <p>Disclose such occurrences in writing</p> Signup and view all the answers

    What is the impact of a brokerage agreement between a broker and an individual?

    <p>Convert a consumer into a party</p> Signup and view all the answers

    What must associates do regarding agreements with brokers?

    <p>Conduct all agreements under the name of their respective brokers</p> Signup and view all the answers

    What must happen prior to initiating contract action according to the text?

    <p>Disclosure must be made in writing to all relevant parties</p> Signup and view all the answers

    When can a broker disclose confidential information according to the text?

    <p>When disclosure is required by law or with party consent in writing</p> Signup and view all the answers

    What is mandatory for all associates in terms of agreements with brokers?

    <p>Enter into agreements using the name of their respective brokers</p> Signup and view all the answers

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