Definitions
What term describes the obligation of a broker to act in the best interests of their client?
What is Fiduciary Duty
In which type of broker-client relationship does the client agree to work exclusively with one broker for a specified period?
What is an Exclusive relationship
What is the main purpose of the Broker Relationships Act (BRA)?
What is to govern the legal and ethical relationships between brokers, agents, and clients
What is the primary document used to outline the terms of an exclusive broker-client relationship?
What is the Exclusive Representation Agreement
If a broker is representing both the buyer and the seller, what must they do to adhere to ethical standards?
What is disclose dual representation (Oklahoma does not use these terms).
Who is a licensed professional who facilitates real estate transactions and often manages a team of agents?
Who is a Broker
In which type of broker-client relationship can the client work with multiple brokers simultaneously?
What is a Non-exclusive relationship?
Under the BRA, what must a broker do when they receive multiple offers on a property they are selling?
What is disclose all offers to the seller
Which document helps to inform clients about potential conflicts of interest?
What are Disclosure Forms
Type of information that cannot be shared, as it may disclose that a buyer or seller would accept more or less than the offered price.
What is confidential information
What term refers to an individual or entity that hires a broker to represent their interests?
What is a Client
If a broker is representing both the buyer and the seller in a real estate transaction, what type of relationship is this?
What is Dual Agency
In 2013, Oklahoma replaced this controversial broker practice with transaction brokerage to avoid conflicts of interest.
What is a Dual Agency relationship
When signing a BBA with your buyer, what can you NOT leave out?
All BBA's MUST include Disclosure of Broker Services.
One of the two required duties owed to a party specifically represented by a broker.
What is to provide an estimate of costs? (or) What is to keep the party informed?
What is the term for a person licensed to act on behalf of a broker in real estate transactions?
Who is an Agent
What is the name of the agreement where the client hires a broker to represent them exclusively?
What is the Exclusive Representation Agreement
In the event of a conflict of interest, what is required by the BRA for brokers to maintain compliance?
What is disclosure of the conflict to all parties involved
Under Oklahoma's Brokerage Relationships Act, this term describes the broker's role when assisting both the buyer and seller without an agency relationship.
What is a transaction facilitator
Type of representation previously used in Oklahoma where fiduciary duties were only given to one party in a transaction.
What is single-party broker
What term describes the situation where a broker represents both the buyer and the seller in a transaction?
What is Dual Agency
Which type of broker-client relationship requires the broker to inform both parties of any conflicts of interest?
What is Dual Agency?
What must brokers provide to clients to ensure transparency and compliance under the BRA?
What are disclosure of brokerage services.
Oklahoma's 2013 real estate law requires brokers to disclose this, detailing their duties to clients without acting as agents.
What is the Brokerage Service Agreement
This broker duty does not end when the contract ends.
What is duty of confidentiality.