Term
| As defined by Commission Rule (605: 10-15-2(b)), a “brokerage service agreement” is |
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Definition
| an oral or written agreement to provide brokerage services entered into by a real estate broker and a person who is a party to a real estate transaction and shall include, but not be limited to, listing agreements, buyer broker agreements and property management agreements. |
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Term
true or false: Prior to the signing by a party of a contract to purchase, lease, option or exchange real estate, a broker who is providing services without a written brokerage agreement must describe and disclose in writing the broker's role to the party.
Prior to entering into a written brokerage agreement, the broker must describe and disclose in writing the broker's responsibilities to the party. |
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Definition
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Term
| true or false: Brokers are no longer single agents, seller’s agents, buyer’s agents, dual agents, subagents, or agents of any kind. They are also not single-party brokers, dual-party brokers, or transaction brokers, but just brokers with duties and responsibilities to parties in a transaction. The Broker Relationships Act, however, allows a broker use of the word “agent,” but ONLY in a trade name. |
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Definition
| true; A broker may cooperate with other brokers in a transaction. However, a broker cannot be an agent, subagent or dual agent and cannot offer subagency to another broker. |
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Term
The following section of the law spells out the duties a broker owes to all parties in a transaction.
858-353(A) |
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Definition
“A broker shall have the following duties and responsibilities to all parties in a transaction, which are mandatory and may not be abrogated or waived by a broker:
Treat all parties with honesty and exercise reasonable skill and care;
Unless specifically waived in writing by a party to the transaction:
a. receive all written offers and counteroffers,
b. reduce offers or counteroffers to a written form upon request of any party to a transaction, and
c. present timely all written offers and counteroffers;
Timely account for all money and property received by the broker;” |
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Term
| "Keep confidential information received from a party or prospective party confidential. The confidential information shall not be disclosed by a firm without the consent of the party disclosing the information unless consent to the disclosure is granted in writing by the party or prospective party disclosing the information, the disclosure is required by law, or the information is made public or becomes public as the result of actions from a source other than the firm. The following information shall be considered confidential and shall be the only information considered confidential in a transaction: |
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Definition
that a party or prospective party is willing to pay more or accept less than what is being offered,
that a party or prospective party is willing to agree to financing terms that are different from those offered
the motivating factors of the party or prospective party purchasing, selling, leasing, optioning or exchanging the property, and
information specifically designated as confidential by a party unless such information is public; |
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Term
| The three conditions under which confidential information can be revealed are listed. Information received from a party can be revealed if: |
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Definition
the party or prospective party who provided the information gives written consent
the law requires disclosure (e.g., property condition)
the information is public or is made public by someone other than the firm |
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Term
| The four categories of confidential information are listed. The only information regarded as confidential is information to the effect that: |
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Definition
a party or prospective party is willing to pay or accept a different price
a party or prospective party is agreeable to a change in the terms of financing
a party or prospective party has particular transaction motivations
a party specifies certain non-public information to be designated as confidential |
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Term
broker's continuing duties to all parties - true or false:
5. Disclose information pertaining to the property as required by the Residential Property Condition Disclosure Act; and
6. Comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules.” |
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Definition
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Term
| true or false: licensees have no obligation to disclose any information regarding an offender who is required to register under the provisions of the Sex Offenders Registration Act. |
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Definition
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Term
| A broker shall have the following duties and responsibilities only to the party for whom the broker is providing brokerage services in a transaction, which are mandatory and may not be abrogated or waived by a broker: |
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Definition
Inform the party in writing when an offer is made that the party will be expected to pay certain closing costs, brokerage service costs and approximate amount of the costs;
Keep the party informed regarding the transaction.”
The duty to inform a party of transaction costs and to keep the party “informed” about the transaction applies only in the case of a party with whom the broker is working. These are not duties owed to all parties. |
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Term
| “Except as may be provided in a written brokerage agreement between the broker and a party to a transaction, the broker owes no further duties or responsibilities to the party after termination, expiration, or completion of performance of the transaction, except: |
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Definition
To account for all monies and property relating to the transaction; and
To keep confidential all confidential information received by the broker during the broker’s relationship with a party.” |
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Term
| List the duties owed to all parties in a transaction. |
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Definition
Honesty and reasonable skill and care
Receive all written offers
Put offers in writing if requested
Present all written offers in a timely fashion
Account for all money and property in a timely fashion
Maintain confidentiality of confidential information
Disclose as required by the Residential Property Condition Disclosure Act
Comply with all applicable laws and regulations |
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Term
| Which duties are the only ones that can be waived, and only by a party and in writing? |
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Definition
Receive all written offers
Put offers in writing if requested
Present all written offers in a timely fashion |
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Term
| What are the four kinds of confidential information? |
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Definition
Pricing
Financing
Motivation
Designated confidential by a party |
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Term
| What are the three conditions that allow disclosure of confidential information? |
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Definition
Written consent of the party
Disclosure required by law
Information made public by someone else |
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Term
| What are the two duties that survive termination of a brokerage agreement? |
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Definition
Accounting
Confidentiality |
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Term
| true or false: Written disclosure of the broker’s duties is required before the signing of any real estate contract. |
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Definition
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Term
true or false: An associate can enter into a brokerage agreement only in the name of his or her broker.
The broker can authorize associates to provide services for parties in the broker’s name. |
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Definition
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Term
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Definition
Accept or receive any type of compensation allowed by law in connection with a recommendation, referral or procurement of any product or service, including financial services, without disclosing such fact to both parties in a transaction.
Own any beneficial interest in any entity which provides any product or service, including financial services, to homeowners, home buyers or tenants in connection with the sale, lease, rental or listing of any real estate. |
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Term
| A property can be considered psychologically impacted if either of the following is true: |
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Definition
An occupant is or was suspected to be infected or diagnosed with HIV, AIDS or any other disease which is not likely to be transmitted through the occupancy of the dwelling.
The property was or was at any time suspected to have been the site of a suicide, homicide or other felony. |
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Term
| true or false: No action will be taken against an owner or licensee for failure to disclose psychological suspicions to a prospective purchaser or lessee. |
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Definition
true; However, if the purchaser or lessee is in the process of making a bona fide offer and advises the licensee in writing that knowing such facts are important to the decision to buy or lease, the licensee is obligated to ask the owner for the information and report the findings to the purchaser/lessee with the owner’s consent.
If the owner refuses to disclose the information, the licensee must report that fact to the purchaser/lessee. |
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Term
| Sellers must provide to purchasers either of the two documents described below. |
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Definition
A written disclaimer stating that they have never occupied the property, make no disclosure concerning its condition and have no knowledge of any defects.
A written property condition statement on a form established by the Oklahoma Real Estate Commission which gives detailed information about the property. |
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Term
| Describe the requirement to disclose broker’s duties and responsibilities to a party. |
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Definition
Disclosure must be made to parties for whom the broker is providing brokerage services
Must be made in writing before a real estate contract is signed
The duties are those listed in the Code
If providing reduced services, must disclose the services needed to complete the transactions and the fact that no one is responsible for assisting the party with them.
Written acknowledgment of receipt of the written disclosures must be obtained from the party and attached to the contract.
A firm must disclose in writing to both parties, before any real estate contract is signed, the fact that it is providing brokerage services to both parties |
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Term
| Is a party liable for any of the broker's acts or omissions? |
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Definition
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Term
| What information is considered confidential? |
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Definition
Party's willingness to offer more or accept less than the current offer.
Party's willingness to agree to different financing terms.
Seller or buyer motivations |
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Term
| Seller Herbert was diagnosed with HIV. What is his broker's responsibility regarding disclosure? |
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Definition
| Broker has no legal obligation to disclose that information. |
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