PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test with flashcards and multiple choice questions, all equipped with hints and explanations. Master the material and pass your exam confidently!

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 mandatory requirement when treating all parties in a real estate transaction?

Full disclosure of all personal information
To ensure the highest profit for the seller
To exercise reasonable skill and care
To provide legal advice

The correct answer is: To exercise reasonable skill and care

In a real estate transaction, the mandatory requirement when treating all parties is to exercise reasonable skill and care. This principle emphasizes that real estate professionals must act with diligence and competence, ensuring that they fulfill their contractual obligations and provide services that meet the standards expected within the industry. By exercising reasonable skill and care, agents are responsible for protecting their clients' interests, making informed decisions, and providing accurate and relevant information throughout the process. This helps build trust and maintains a fair and ethical working relationship among all parties involved. The other options do not reflect the fundamental responsibilities of a real estate agent. Full disclosure of all personal information could violate privacy and confidentiality principles. Ensuring the highest profit for the seller might compromise the ethical obligation to serve all parties fairly. Providing legal advice goes beyond the scope of a real estate agent's role unless they are licensed to practice law, which is not a standard expectation in typical agent transactions.