Real Estate Brokerage Definitions Quiz

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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?

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

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

Seller, buyer, landlord, or tenant, among others Signup and view all the answers

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

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

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

Promptly account for them Signup and view all the answers

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

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

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

A commission from any party involved in the transaction Signup and view all the answers

'Duties Owed All Parties Broker' refers to:

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

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

Party consents in writing Signup and view all the answers

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

Account for all money and property Signup and view all the answers

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

Written accord between a broker and an individual Signup and view all the answers

What must happen before a broker initiates contract action?

Disclosure must be made in writing to all relevant parties Signup and view all the answers

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

'Single-party brokers' and 'transaction brokers' Signup and view all the answers

When can a broker disclose confidential information?

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

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

Disclose this in writing Signup and view all the answers

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

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

What is mandatory for all associates in terms of agreements?

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

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

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

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

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

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

Account for it in a timely manner Signup and view all the answers

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

A sole proprietor, corporation, association, or partnership Signup and view all the answers

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

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

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

Exercising reasonable skill and care for all parties Signup and view all the answers

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

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

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

This violation can lead to disciplinary actions against the broker Signup and view all the answers

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

As required by law Signup and view all the answers

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

Motivating factors of a party or prospective party Signup and view all the answers

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

Written accord between a broker and an individual Signup and view all the answers

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

Account for all money and property involved in the transaction Signup and view all the answers

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

To conduct actions under the name of their respective brokers Signup and view all the answers

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

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

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

Inform parties when an offer has been made Signup and view all the answers

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

Independent fee for transactional services Signup and view all the answers

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

Disclosure must be made in writing to all relevant parties Signup and view all the answers

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

'Party' Signup and view all the answers

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

Keep confidential unless consent given Signup and view all the answers

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

Maintain confidentiality Signup and view all the answers

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

Written disclosure to both parties Signup and view all the answers

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

Transforms consumer into a party Signup and view all the answers

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

Use the name of their respective brokers Signup and view all the answers

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

Party Signup and view all the answers

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

Maintain them for reference Signup and view all the answers

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

A broker's affiliated individual Signup and view all the answers

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

Possibility of losing license Signup and view all the answers

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

Being truthful and accurate Signup and view all the answers

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

To keep confidential information received from a party Signup and view all the answers

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

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

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

Account for all money and property received Signup and view all the answers

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

Information pertaining to the property as required by the Act Signup and view all the answers

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

To present timely all written offers and counteroffers Signup and view all the answers

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

Commission from any party involved in the transaction Signup and view all the answers

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

Sole proprietors and corporations providing brokerage services Signup and view all the answers

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

Only if specifically required by law or statute Signup and view all the answers

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

To present timely all written offers and counteroffers Signup and view all the answers

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

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

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

Keep it confidential unless required by law to disclose Signup and view all the answers

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

To disclose information as required by law and regulations Signup and view all the answers

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

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

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

Services provided by a broker in a real estate transaction Signup and view all the answers

'Duties Owed All Parties Broker' refers to:

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

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

'Broker' Signup and view all the answers

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

'Personal information shared by buyers' Signup and view all the answers

What is the primary obligation of a broker regarding confidentiality?

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

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

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

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

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

What can be considered confidential information in real estate transactions?

Motivating factors of a party or prospective party Signup and view all the answers

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

Disclose such occurrences in writing Signup and view all the answers

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

Convert a consumer into a party Signup and view all the answers

What must associates do regarding agreements with brokers?

Conduct all agreements under the name of their respective brokers Signup and view all the answers

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

Disclosure must be made in writing to all relevant parties Signup and view all the answers

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

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

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

Enter into agreements using the name of their respective brokers Signup and view all the answers

Real Estate Brokerage Definitions Quiz

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Questions and Answers

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

What does 'brokerage services' refer to?

What does 'firm' refer to?

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

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

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

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

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

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

'Duties Owed All Parties Broker' refers to:

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

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

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

What must happen before a broker initiates contract action?

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

When can a broker disclose confidential information?

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

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

What is mandatory for all associates in terms of agreements?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

'Duties Owed All Parties Broker' refers to:

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

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

What is the primary obligation of a broker regarding confidentiality?

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

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

What can be considered confidential information in real estate transactions?

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

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

What must associates do regarding agreements with brokers?

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

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

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

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