PSI Oklahoma Real Estate Practice Test

If a real estate licensee personally makes an offer on a property, what must they do?

1. Obtain a second license

2. Disclose in writing that they are licensed

3. Consult with their broker before making the offer

4. Notify the seller verbally about their license

The correct answer is: Disclose in writing that they are licensed

When a real estate licensee personally makes an offer on a property, it is essential for them to disclose their licensed status in writing. This requirement is in place to ensure transparency and maintain ethical standards in real estate transactions. It informs all parties involved—especially the seller—that the individual making the offer is a licensed professional, which is crucial for trust and integrity in the process. Disclosing this information helps to avoid potential conflicts of interest and ensures that the seller is fully informed about the qualifications of the buyer. This written disclosure serves as an important piece of documentation that can protect both the licensee and the seller throughout the transaction. The other options, while they touch on various aspects of real estate practice, do not accurately reflect the necessary obligation imposed upon a licensee making an offer personally. For example, obtaining a second license is unnecessary since a single license suffices for one's transactions. Consulting with a broker may be prudent, but it is not a legal requirement for making an offer. Similarly, notifying the seller verbally is less formal and does not provide the same level of clarity and documentation as a written disclosure.