OKRES - Oklahoma Real Estate Salesperson Exam

Question 1: In a traditional agency relationship, one person is authorized and consents to act on behalf of another in dealings with third parties, and is held to a special position of trust and confidence. What is the person who hires and delegates authority called?

The customer

The principal

The subagent

The third party

Question 2: A listing broker represents the seller but also works with an unrepresented buyer who is touring the home. The broker owes the seller advice, counsel, and confidentiality, but owes the buyer only honesty and fair dealing. What is that unrepresented buyer properly called?

A principal

A client

A fiduciary

A customer

Question 3: Instructors summarize the classic common-law fiduciary duties an agent owes a principal with a memory aid covering care, obedience, loyalty, disclosure, accounting, and confidentiality. Which of the following is one of these recognized fiduciary duties owed to the principal?

Loyalty to the principal

Loyalty to the customer

Favoring the highest bidder

Sharing confidential facts freely

Question 4: A buyer's agent learns that the property her client wants would be a strong investment, but the agent secretly wishes to buy it herself and delays presenting her client's offer. Which fiduciary duty is the agent most clearly violating by putting her own interest first?

Accounting

Disclosure

Loyalty

Reasonable care

Question 5: Long after a sale closes, a former listing agent is tempted to tell a new buyer that the previous seller had been desperate and would have accepted far less. Which fiduciary duty continues to bind the agent even after the agency relationship has ended?

Obedience

Confidentiality

Accounting

Reasonable care

Question 6: A seller's agent learns that a buyer touring the home has quietly told the agent she is willing to pay well above her written offer. The agent represents the seller. Which fiduciary duty requires the agent to relay this material information to the seller?

Disclosure to the principal

Confidentiality to the buyer

Obedience to the buyer

Accounting to the lender

Question 7: A seller instructs his agent to reject all offers below a stated figure, and the request is lawful. The agent must follow this reasonable, lawful instruction even if the agent personally disagrees. Which fiduciary duty requires the agent to comply with such directions?

Confidentiality

Accounting

Disclosure

Obedience

Question 8: An agent receives an earnest money deposit from a buyer and must safeguard it, keep it separate from personal funds, and be able to report on it at any time. Which fiduciary duty most directly governs the agent's handling of this deposit?

Loyalty

Obedience

Accounting

Disclosure

Question 9: A principal expects the agent to bring competence and diligence to marketing a home, pricing it sensibly, and handling paperwork correctly, so that carelessness does not cause a loss. Which fiduciary duty requires the agent to perform with skill and diligence?

Reasonable care and skill

Confidentiality

Accounting

Obedience

Question 10: A seller and a broker sign a written listing agreement stating the broker will market the home and find a buyer. The parties have deliberately put their intention to create an agency into words. Which type of agency does a written listing agreement create?

Implied agency

Express agency

Gratuitous agency

Ostensible agency

Question 11: A brokerage adopts a policy of representing only one side of any given transaction, the buyer or the seller, but never both at once, so that its loyalty is never divided. What is this form of representation commonly called?

Dual agency

Designated agency

Transaction brokerage

Single agency

Question 12: A broker wishes to represent both the buyer and the seller in the same transaction in a state that allows this. For the representation to be lawful, a critical condition must be met before proceeding. Which condition does the law generally require?

Informed written consent of both parties

Consent of the seller only

No disclosure is needed

Approval by the lender

Question 13: In a large brokerage, the managing broker assigns one sales associate to represent the buyer and a different associate to represent the seller in the same transaction, keeping their client information separate. What is this arrangement within one firm commonly called?

Undisclosed dual agency

Single agency

Designated agency

Transaction brokerage

Question 14: A property owner hires a broker to handle only the marketing and sale of one specific house, with limited authority tied to that single task. In agency terms, this broker is best classified according to the scope of authority granted. Which type of agent is this?

A universal agent

A special agent

A general agent

A subagent

Question 15: A licensee helps both a buyer and a seller complete a single transaction, handling the paperwork and coordinating the closing, but represents neither party as a client and owes neither one fiduciary loyalty. What is this nonrepresentative role commonly called?

A transaction broker

A dual agent

A designated agent

A universal agent

Question 16: A sales associate tells a buyer that a home has the best backyard view in the neighborhood. This is a subjective opinion or sales talk, not a false statement of material fact. What is this permissible exaggeration in sales commonly called?

Fraud

Negligent misrepresentation

A latent defect

Puffing

Question 17: A seller's agent knows the basement floods heavily after storms, a serious problem that a buyer could not detect during an ordinary walkthrough. This hidden, material physical condition triggers a disclosure obligation. What is such a concealed defect commonly called?

A patent defect

A trade fixture

A latent defect

An encumbrance

Question 18: A buyer's agent is paid a share of the commission that originates from the seller's proceeds at closing. A buyer worries this payment means the agent really represents the seller. What is the correct principle about who an agent represents?

Payment source does not determine agency

Whoever pays is the client

Only the seller can be represented

Commission always creates dual agency

Question 19: An instructor lists what every valid contract must have: legally competent parties, mutual agreement, lawful consideration, and a lawful objective. A student asks which additional requirement is essential for a real estate contract's subject to be enforceable. Which requirement completes a valid contract?

Notarization of every signature

A lawful object or legal purpose

A real estate license for both

Payment of transfer tax first

Question 20: A contract signed by a person who was legally a minor at the time can be disaffirmed by that party but enforced if the party chooses to honor it. It is valid unless the protected party rejects it. How is such a contract best classified?

Void from the start

Fully enforceable against both

Unenforceable by anyone

Voidable by the protected party

OKRES Oklahoma Real Estate Salesperson Exam - Set 4 - Part 1

Question 1: In a traditional agency relationship, one person is authorized and consents to act on behalf of another in dealings with third parties, and is held to a special position of trust and confidence. What is the person who hires and delegates authority called?

Question 2: A listing broker represents the seller but also works with an unrepresented buyer who is touring the home. The broker owes the seller advice, counsel, and confidentiality, but owes the buyer only honesty and fair dealing. What is that unrepresented buyer properly called?

Question 3: Instructors summarize the classic common-law fiduciary duties an agent owes a principal with a memory aid covering care, obedience, loyalty, disclosure, accounting, and confidentiality. Which of the following is one of these recognized fiduciary duties owed to the principal?

Question 4: A buyer's agent learns that the property her client wants would be a strong investment, but the agent secretly wishes to buy it herself and delays presenting her client's offer. Which fiduciary duty is the agent most clearly violating by putting her own interest first?

Question 5: Long after a sale closes, a former listing agent is tempted to tell a new buyer that the previous seller had been desperate and would have accepted far less. Which fiduciary duty continues to bind the agent even after the agency relationship has ended?

Question 6: A seller's agent learns that a buyer touring the home has quietly told the agent she is willing to pay well above her written offer. The agent represents the seller. Which fiduciary duty requires the agent to relay this material information to the seller?

Question 7: A seller instructs his agent to reject all offers below a stated figure, and the request is lawful. The agent must follow this reasonable, lawful instruction even if the agent personally disagrees. Which fiduciary duty requires the agent to comply with such directions?

Question 8: An agent receives an earnest money deposit from a buyer and must safeguard it, keep it separate from personal funds, and be able to report on it at any time. Which fiduciary duty most directly governs the agent's handling of this deposit?

Question 9: A principal expects the agent to bring competence and diligence to marketing a home, pricing it sensibly, and handling paperwork correctly, so that carelessness does not cause a loss. Which fiduciary duty requires the agent to perform with skill and diligence?

Question 10: A seller and a broker sign a written listing agreement stating the broker will market the home and find a buyer. The parties have deliberately put their intention to create an agency into words. Which type of agency does a written listing agreement create?

Question 11: A brokerage adopts a policy of representing only one side of any given transaction, the buyer or the seller, but never both at once, so that its loyalty is never divided. What is this form of representation commonly called?

Question 12: A broker wishes to represent both the buyer and the seller in the same transaction in a state that allows this. For the representation to be lawful, a critical condition must be met before proceeding. Which condition does the law generally require?

Question 13: In a large brokerage, the managing broker assigns one sales associate to represent the buyer and a different associate to represent the seller in the same transaction, keeping their client information separate. What is this arrangement within one firm commonly called?

Question 14: A property owner hires a broker to handle only the marketing and sale of one specific house, with limited authority tied to that single task. In agency terms, this broker is best classified according to the scope of authority granted. Which type of agent is this?

Question 15: A licensee helps both a buyer and a seller complete a single transaction, handling the paperwork and coordinating the closing, but represents neither party as a client and owes neither one fiduciary loyalty. What is this nonrepresentative role commonly called?

Question 16: A sales associate tells a buyer that a home has the best backyard view in the neighborhood. This is a subjective opinion or sales talk, not a false statement of material fact. What is this permissible exaggeration in sales commonly called?

Question 17: A seller's agent knows the basement floods heavily after storms, a serious problem that a buyer could not detect during an ordinary walkthrough. This hidden, material physical condition triggers a disclosure obligation. What is such a concealed defect commonly called?

Question 18: A buyer's agent is paid a share of the commission that originates from the seller's proceeds at closing. A buyer worries this payment means the agent really represents the seller. What is the correct principle about who an agent represents?

Question 20: A contract signed by a person who was legally a minor at the time can be disaffirmed by that party but enforced if the party chooses to honor it. It is valid unless the protected party rejects it. How is such a contract best classified?

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