PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test. Access flashcards and multiple choice questions, each with hints and explanations. Excel in 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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When providing services to both sides of a real estate transaction, what must a firm ensure?

Complete secrecy about commissions
Compliance with all broker duties and responsibilities
Equal commission rates for all involved
Complete independence from both sides

The correct answer is: Compliance with all broker duties and responsibilities

When a firm provides services to both sides of a real estate transaction, ensuring compliance with all broker duties and responsibilities is essential. This includes adhering to legal and ethical obligations, such as disclosure of relevant information, negotiating in good faith, and advocating for the best interests of each party involved. Maintaining this compliance helps to create a transparent and fair transaction environment, fostering trust between the clients and the firm. It ensures that both parties receive the appropriate representation and that their interests are adequately protected throughout the transaction process. Involving both sides can potentially lead to conflicts of interest, which is why adhering strictly to broker responsibilities is crucial. This includes giving competent advice, remaining impartial when necessary, and transparently disclosing any potential conflicts. Failure to properly manage these duties could not only damage the firm's reputation but could also result in legal repercussions.