PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test. Use flashcards and multiple choice questions, each question with hints and explanations. Get ready for 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!

Practice this question and more.

What is the general relationship between a broker and a buyer in a transactional context?

They are equal partners
The broker advocates solely for the seller
The broker acts as a fiduciary for the buyer
The broker has no relationship with the buyer

The correct answer is: The broker acts as a fiduciary for the buyer

In a transactional context, when a broker acts as a fiduciary for the buyer, it means that the broker has a legal and ethical obligation to act in the best interests of the buyer. This fiduciary relationship establishes trust and loyalty, where the broker is dedicated to representing the buyer's needs, preferences, and objectives throughout the real estate transaction. The fiduciary relationship implies that the broker must provide full disclosure, confidentiality, and fair dealing while prioritizing the buyer's needs over their own or anyone else's interests. This level of commitment is essential in real estate transactions, as it ensures that buyers are well-represented and supported in making informed decisions. A broker's relationship with the buyer can vary, but the fiduciary obligation underscores a significant level of responsibility and advocacy for the buyer's best interests rather than merely acting in a transactional capacity or favoring the seller's interests.