PSI Oklahoma Real Estate Practice Test

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Prepare for the Oklahoma Real Estate Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

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What must Jim, a licensed real estate agent, disclose when making an offer on a property?

His financial background
That he is licensed
His reason for purchasing
The market value of the property

The correct answer is: That he is licensed

When Jim, a licensed real estate agent, is making an offer on a property, it is essential for him to disclose that he is licensed. This requirement stems from the ethical obligation real estate professionals have to maintain transparency in their transactions. By disclosing his status as a licensed agent, Jim ensures that the seller is aware of his professional background and potential conflicts of interest. This transparency helps to build trust in the transaction and confirms that he adheres to the regulations set forth for real estate transactions. The other considerations, while possibly relevant in other contexts, do not hold the same significance in this scenario. For example, disclosing his financial background or his reason for purchasing may not be required or applicable in a real estate transaction. Similarly, the market value of the property is usually established through market analysis and should not solely depend on an agent's opinion as buyers and sellers typically rely on appraisals and market evidence to ascertain value. Thus, the primary and necessary disclosure in this situation is Jim's status as a licensed real estate agent.