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 (A)</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 (D)</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 (D)</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 (C)</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 (B)</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 (B)</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. (B)</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 (C)</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 (C)</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 (D)</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 (B)</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' (D)</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 (C)</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 (C)</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 (B)</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 (A)</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 (C)</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 (B)</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 (A)</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 (D)</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 (A)</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> (A)</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> (D)</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 (D)</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 (C)</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 (D)</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 (D)</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 (B)</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 (D)</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 (B)</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 (C)</p> Signup and view all the answers

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

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

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

<p>'Party' (B)</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 (A)</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 (C)</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 (C)</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 (D)</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 (D)</p> Signup and view all the answers

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

<p>Party (A)</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 (D)</p> Signup and view all the answers

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

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

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

<p>Being truthful and accurate (A)</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 (C)</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 (D)</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 (C)</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 (B)</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 (C)</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 (B)</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 (B)</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 (A)</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 (D)</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 (B)</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 (C)</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 (D)</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 (A)</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 (C)</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' (A)</p> Signup and view all the answers

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

<p>'Broker' (D)</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' (D)</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 (C)</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 (A)</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 (C)</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 (D)</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 (B)</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 (C)</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 (D)</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 (A)</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 (D)</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 (A)</p> Signup and view all the answers

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