PSI Oklahoma Real Estate Practice Test

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Prepare for the Oklahoma Real Estate Exam with our quiz. Test your knowledge with flashcards and multiple-choice questions, each providing hints and detailed explanations. Ace your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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In real estate transactions, what should a licensee generally reveal?

The number of properties sold
License status
Their personal financial status
Transaction fees

The correct answer is: License status

In real estate transactions, it is essential for a licensee to disclose their license status. This requirement is crucial as it informs all parties involved in the transaction of the agent's qualifications and adherence to state regulations. Transparency about license status helps establish trust and ensures that clients are working with a legally authorized professional who has met the necessary education and training requirements to practice in the field. Revealing the license status can also protect consumers by confirming that they are receiving services from someone who is knowledgeable about real estate laws and practices. This, in turn, encourages a higher standard of ethics within the profession. Other aspects, such as the number of properties sold or personal financial status, may not be relevant to the transaction between the licensee and their clients, while disclosing transaction fees is more about the transaction itself rather than the professional qualifications of the agent.