PSI Oklahoma Real Estate Practice Test

Which terms have been eliminated under new law changes regarding real estate brokers?

1. Single-party broker and cooperative broker

2. Transaction broker and dual agent

3. Single-party broker and transaction broker

4. Designated broker and assistant broker

The correct answer is: Single-party broker and transaction broker

The correct answer addresses the elimination of specific roles within the realm of real estate brokerage as a result of recent legal changes. The terms "single-party broker" and "transaction broker" have been removed, which reflects a significant shift in how real estate transactions are conducted and represented. A single-party broker traditionally facilitated the interests of one party in a transaction without representing the other party, whereas a transaction broker acted as a neutral intermediary between buyers and sellers, focusing on the transaction process rather than advocacy for either side. The removal of these terms likely aims to streamline brokerage practices and clarify representations, ensuring that agents provide a more straightforward fiduciary duty and promoting greater transparency in real estate dealings. This change indicates a move towards simplifying the brokerage process and could imply that new regulations are encouraging or requiring brokers to adopt more standardized roles that enhance consumer protection and promote ethical conduct. The other options refer to roles that, under the new law changes, have not been eliminated. For instance, the terms "cooperative broker" and "dual agent" may still exist within the regulatory framework, and roles like "designated broker" and "assistant broker" continue to serve important functions in real estate transactions. Thus, the focus of the new legislation appears to be on certain outdated