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Oklahoma Real Estate Exam latest
solution 2024
How does the code Define Real Estate? - ANS>> Shall Include any interest or estate in real property. Does NOT include the interest of oil, gas or other mineral interest Real Estate Broker - ANS>> Shall include any person , Partnership, association, or cooperation, who for a fee lists, sells, offers to sell, buys, or attempts to buy, exchanges, rents, leases, or attempts to negotiate any such activity Broker Associate - ANS>> Shall include any person who is qualified for a license as a broker and in any act, or transaction set in in broker definition Real Estate Associate - ANS>> Any person having renewable license and employed or engaged by, or associated as and independent contractor with a real estate broker to do or deal in any act, acts or transactions set out in the definition of real estate broker Provisional Sales associate - ANS>> Shall Include any person who has been licensed after June 30, 1993 employed by a real estate broker to do or deal in any act, or transactions set out in the definition of real estate broker. and subject to an additional 45 hour post license educational requirement to be completed within 12 months Licensee - ANS>> Shall include any person who performs any act, acts or transactions set out in the definition of a broker and licensed under the OREC Commission - ANS>> Shall Mean the Oklahoma Real estate Commission Person - ANS>> Shall Include and mean every individual, partnership, Association or corporation, foreign and domestic. How Many Members does the OREC Have? - ANS>> 7 Members What or who Regulates and issues real estate licenses in OK - ANS>> Oklahoma Real Estate Commission What are the basic requirements to serve as a commissioner - ANS>> All members should be citizens and resident of the state of OK for at least three years prior to their appointment. Based on the occupation, how is the commission compromised - ANS>> 5 members Shall be licensed real estate brokers with 5 years of active experience. 1 member shall be a lay person not in the real estate business. and 1 member shall be an active representative of a school of real estate located in OK.
What is the limitation regard congressional districts - ANS>> No more than 2 members shall be appointed from the same congressional district. Who appoints OREC Members - ANS>> Appointed by the Governor with the advice and the consent of the senate How long is the term of an OREC member - ANS>> Terms are 4 years and until their successor is apponted What organization recommends candidates to serve as commissioners - ANS>> Oklahoma Association of realtors, INC Who can remove members of OREC and for what causes/reasons - ANS>> Members may be removed by the Governor, For inefficiency, neglect, or malfeasance in office int eh manner provided by law How much does the OREC earn while serving in an OREC capacity - ANS>> Travel expenses essential to performing the duties to his office What are the OREC Leadership positions - ANS>> Chairman, Vice chairman, secretary- treasurer, What is the OREC revolving fund - ANS>> Consist of all monies received by the OREC How often in the revolving fund audited and by whom? - ANS>> once a year and by the state auditor and inspector Can OREC Sue an be Sued - ANS>> yes Where must the OREC office be located - ANS>> Oklahoma city, Ok What are the powers and duties of OREC - ANS>> 1.promulgate rules 2.administer examinations
- to sell to other entities, computer testing and license applications to recover funds.
- issue licenses
more stuff 858- 208 What governs OREC and defines the procedures for OREC performance - ANS>> Administrative procedures act What is a hearing examiner - ANS>> Has the power and authority to conduct hearing in the name of the commision Where can hearings take place - ANS>> any time or place
When can a licensee with a revoked license apply for a reissue - ANS>> may not reapply for 3 years Who pays the cost of the national criminal history record check - ANS>> Paid by the applicant What are the requirements for establishing a real estate office - ANS>> Must follow the local laws and be available to the public during reasonable business hours How many ways are there to lose your license - ANS>> 23 (858-312) Who is prohibited from participation in a real estate business - ANS>> No person whose licensed has been revoked or suspended, cancelled, suspended or lapsed. Single Party Broker - ANS>> perform the terms of the Brokerage Agreement; b. treat all parties to the transaction with honesty and exercise reasonable skill and care; c. be available to: (i) receive all written offer and counteroffers; (ii) reduce all offers or counteroffers to a written form upon request of any party to a transaction; and (iii) present timely such written offers and counteroffers; d. when an offer is made, inform in writing the party for whom the Broker is providing services that such party will be expected to pay certain closing costs, brokerage service costs and the approximate amount of those costs; e. keep the party for whom the Broker is performing services informed regarding the transaction; f. timely account for all money and property received by the Broker; g. keep confidential information received from a party confidential as set stated below; h. perform all brokerage activities for the benefit of the party for whom the single-party broker is performing services unless prohibited by law; i. disclose information pertaining to the Property as required by Residential Property Condition Disclosure Act;
j. obey the specific directions of the party for whom the single-party broker is performing services that are not contrary to applicable statutes and rules or contrary to the terms of a contract between the parties to the transaction; k. inform the party for whom the Broker is providing services that the party may be vicariously liable for the acts and omissions of the Broker; and l. comply with all requirements of the Oklahoma Real Estate Code and all applicable statutes and rules. Transaction Broker - ANS>> same responsibilities of a Single-Party except for... a. performing all brokerage activities for the benefit of the party for whom the Broker is performing services, b. obeying the specific directions of the party for whom the Broker is performing services that are not contrary to law or c. keeping the party for whom the Broker is performing services informed regarding the transaction. A Transaction Broker does not provide services for the benefit of a party, but assists in the transaction. In addition, a party for whom a transaction Broker is performing services is not vicariously liable for the acts or omissions of Broker. If a broker does not have a written agreement with a client, what is the relationship - ANS>> What are the duties and responsibilities of a transaction broker - ANS>> Treat all parties with honesty, timely account for all money, keep confidential information, Disclose required information, comply with OREC laws What must happen if a broker is serving as a transaction broker without a written Agreement - ANS>> Compliance with the disclosure requirement shall be documented by the broker what can be the relationships when a broker assists only one party in a transaction - ANS>> 1.As a transaction broker without a written brokerage agreement;
- As a transaction broker through a written brokerage agreement; or
- As a single-party broker through a written brokerage agreement What can be the relationships when a broker assists both parties in a transaction - ANS>> 1. As a transaction broker for both parties;
What is the penalty for violating the Code - ANS>> Be guilty of a misdemeanor punishable by a fine of not more than One Thousand Dollars ($1,000.00), or by imprisonment in the county jail for not more than six (6) months, or by both such fine and imprisonment What is the punishment for engaging in real estate activities without a license - ANS>> 1.impose a fine of not more than Five Thousand Dollars ($5,000.00) or the amount of the commission or commissions earned 2.Make application to the appropriate court for an order enjoining such acts or practices, and upon a showing by the Commission that such person has engaged in any such acts or practices, an injunction, restraining order, 3.Impose administrative fines pursuant to this subsection which shall be enforceable in the district courts of this state. Where does the OREC deposit the money paid for fines - ANS>> deposited in the Oklahoma Real Estate Education and Recovery Fund. If the OREC fines a licensee, what is the cost range of such a fine - ANS>> be less than One Hundred Dollars ($100.00) and shall not exceed Two Thousand Dollars ($2,000.00) for each violation of this Code or the rules of the Commission, or b. exceed Five Thousand Dollars ($5,000.00) for all violations resulting from a single incident or transaction; What is the time limit to pay an OREC fine - ANS>> fines shall be paid within thirty (30) days of notification what can happen to a licensee's license when fined - ANS>> license may be suspended until any fine imposed upon the licensee by the Commission is paid After 30 days, what is the amount of the fine - ANS>> Fines shall double and the licensee shall have an additional thirty day period. What happens if a fine has not been paid in 60 days - ANS>> the license shall automatically be revoked
In what instances is a licensee not required to make disclosure in a transaction - ANS>> that previous occupants had non transmitted diseases, or that a homicide, suicide, or felony took place on the property. what may a purchaser do regarding psychologically impacted real estate - ANS>> advise the licensee assisting the owner, in writing, that knowledge of such factor is important to the person's decision to purchase or lease the property, the licensee shall make inquiry of the owner and report any findings to the purchaser or lessee what is a licensees duty regarding registered sex offenders or violent crime offenders - ANS>> not have to disclose due to the required sex offender registry If a claimant receives a judgement against an OK realtor for violating the code, who or what must pay - ANS>> Oklahoma Real Estate Education and Recovery Fund What happens when a license is issued for less than 36 months - ANS>> additional fee shall be prorated to the nearest dollar and month. who may seek relief from the OK Real estate education recovery fund - ANS>> Any claimant shall be eligible to seek recovery from the Oklahoma Real Estate Education and Recovery Fund Under what conditions is a claimant eligible to seek relief from the Recovery fund - ANS>> 1. An action has been filed in district court based upon a violation specified in the Oklahoma Real Estate License Code 2.The cause of action accrued not more than two (2) years prior to the filing of the action 3.At the commencement of an action, the party filing the action shall immediately notify the Commission to this effect in writing and provide the Commission with a file-stamped copy of the petition or affidavit.
- Final judgment is received by the claimant upon such action
when is a claimant unqualified - ANS>> 1. The claimant is the spouse of the judgment debtor or a personal representative of such spouse;
- The claimant is a licensee who acted in their own behalf in the transaction which is the subjectof the claim; or
When and for what purpose may OREC expend education and recovery fund money at the commission's discretion - ANS>> when Funds exceeds Two Hundred Fifty Thousand Dollars ($250,000.00) What is the primary purpose of the OK Real estate commission - ANS>> to safeguard the public interest and provide quality services by assisting and providing resources; encouraging and requiring high standards of knowledge and ethical practices of licensees; investigating and sanctioning licensed activities; and through the prosecution of any unlicensed person who violates the "Oklahoma Real Estate License Code and Rules." Who may petition the commission to amend or repeal any rule - ANS>> Any person may petition the Commission in writing requesting a promulgation, amendment or repeal of any rule. what is the contract forms committee - ANS>> drafts and revises residential real estate purchase contracts and any related addenda for standardization and use by real estate licensees What is the composition of the contract forms committee - ANS>> consist of eleven (11) members. Who appoints the contract forms committee members and in what numbers - ANS>> Three (3) members shall be appointed by the Oklahoma Real Estate Commission; three (3) members shall be appointed by the Oklahoma Bar Association; and five (5) members shall be appointed by the Oklahoma Association of Realtors, Incorporated. Contract forms committee members serve for how long - ANS>> The initial members' terms shall begin upon development of the forms and each member shall serve through the effective date of implementation of form(s) plus one (1) year According to the rules, what is the definition of advertising - ANS>> all forms of representation, promotion and solicitation disseminated in any manner and by any means of communication to consumers for any purpose related to licensed real estate activity. What is a bona fide offer - ANS>> an offer in writing. what is a trade name - ANS>> the name a firm is to be known as and which is used in advertising by the firm to promote and generate publicity for the firm. A firm may or may not do business in the name under which their license is issued but must register with the Commission all trade names used by the firm What is the time limit to appeal an OREC adverse administrative action - ANS>> within thirty (30) days of notice of such action or decision,
What is the fee applied to a returned check for payment of a fee to OREC - ANS>> fee of Thirty-five Dollars ($35.00) will be charged How many clock Hours must a provisional sales associate candidate complete - ANS>> ninety (90) clock hours of instruction or its equivalent How many clock hours must a broker candidate complete - ANS>> at least ninety (90) clock hours of instruction What is the OREC requirement concerning in class attendance - ANS>> a person must physically be present during all of the offering time and successfully complete all course requirements to include an examination According to the rules what constitutes good moral character - ANS>> (1) Whether the probation period given in a conviction has been completed and fully satisfied to include fines, court costs, etc. (2) Whether the restitution ordered by a court in a criminal conviction or civil judgement has been fully satisfied. (3) Whether a bankruptcy that is real estate related has been discharged. (4) Whether an applicant has been denied licensure or a license has been suspended or revoked by this or any other state or jurisdiction to practice or conduct any regulated profession, business or vocation IF OREC denies an applicant a lincese, what course of action can the applicant take - ANS>> Upon written request from the applicant, filed within thirty (30) days after receipt of such notice of denial, the Commission shall set the matter for hearing What is the minimum number of day's notice OREC must give before a hearing - ANS>> within sixty (60) days after receipt of the applicant's request. what are the requirements to obtain a brokers license - ANS>> served two (2) years, or its equivalent, as a licensed real estate provisional sales associate and/or sales associate, with and under the instructions and guidance of a licensed real estate broker of this state or any other state at least twenty-four (24) months within the five (5) year period What must an Applicant do to test - ANS>> be required to appear in person, at a time and place to be designated by the Commission, and answer questions based on the required subject matter as prescribed elsewhere in the rules of this Chapter. what is the cost of the broker examination - ANS>> $ What is the cost for a provisional Sales associate examination - ANS>> $
(2) A certified transcript What constitutes in-class credit - ANS>> a person must physically be present during all of the offering time and successfully complete all course requirements What proves distance education credit - ANS>> successfully complete all course requirements to include all modules and an examination What are the limitations to course selection - ANS>> A particular course offering may not be taken for continuing education credit more than once from the same entity and/or instructor during a renewal period How many hours of continuing education must be from OREC directed subject matter - ANS>> 12 clock hours what are the subject areas of OREC mandates for continuing education credit - ANS>> Professional Conduct, Broker Relationships Act, Fair Housing, and Current Issues including Code and Rule Updates What term is applied to the remainder of continuing education courses - ANS>> electives What is the purpose of provisional sale associate post license education - ANS>> provide an educational program through which real estate provisional sales associate licensees can become more competent, knowledgeable and perfect their ability to engage in real estate activities for which they are licensed. How many hours of post license education must provisional sales associate complete - ANS>> 45 hours before license expiration Who is responsible to furnish OREC with evidence of post education - ANS>> Each provisional sales associate What happens if a provisional sales associate fails to complete post license education - ANS>> not be entitled to renew such license. Who may request an extension of time for post license course complete - ANS>> active military When may a license begin conducting real estate business - ANS>> No real estate licensee shall begin operations in the real estate business without first having been issued his or her numbered license certificate
What must an individual prove for license renewals and reinstatement - ANS>> to provide documentation required for compliance necessary to verify citizenship, qualified alien status, and eligibility under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996. Failure to provide such documentation shall result in disapproval of the application When do all licenses expire except for provisional sales associate - ANS>> at the end of the thirty-sixth (36) month including the month of issuance when does a provisional sales associate license expire - ANS>> At the end of the 12th month including the month of issuance What is the cost of a brokers license - ANS>> fee shall be Two Hundred and Ten Dollars ($210.00) what is the cost of a sales associate license - ANS>> fee shall be One Hundred and Fifty Dollars ($150.00.) What is the cost of a duplicate or replacement for a lost of destroyed license - ANS>> a fee of Seven Dollars and fifty cents ($7.50) shall be charged what additional fee is charged along with the license fee and for what purpose - ANS>> additional Fifteen Dollar ($15.00) fee, the Education and Recovery Fund fee when is the actual expiration of a license - ANS>> The actual expiration date of a license shall be midnight of the last day of the month of the designated license term. what is the late penalty fee for an expired license - ANS>> Ten Dollars ($10.00). By when must a renewal be filed - ANS>> by midnight of the date on which the license is due to expire. IF a license has lapsed more than 5 years , what is the status of the applicant - ANS>> the applicant shall be regarded as an original applicant. what is the status of a provisional sales associate who has not successfully completed the post licensing education requirement before the expiration of their license - ANS>> the commission will not submita renewable sales associate license Within how many days must a licensee file with OREC of a change in name of firm - ANS>> must be filed in the Commission office within ten (10) days of such change
When must trade names be registered - ANS>> prior to the trade name being advertised or displayed in any way What is the first requirement for advertising real estate - ANS>> must use his or her business trade name or the name under which the broker is licensed what is the restriction regarding contact information in an advertisment - ANS>> No real estate advertisement shall show only a post office box number, telephone number or street address. what must a property owner do before advertising real estate - ANS>> Given permission of the owner or the owner's authorized representative and said permission has a definite date of expiration. Within how many days must a broker file a change of business address with the OREC
- ANS>> within ten (10) days of such change What is the OREC fee for a broker change of business address - ANS>> Twenty-five Dollars ($25.00) for each license to be changed Within how many days must a broker file a change of the brokers home address with the OREC - ANS>> within ten (10) days of such change What is the OREC fee to change a brokers Home address - ANS>> Twenty-five Dollars ($25.00) will be charged if the change requires a new license to be issued With the death or disability of a broker, within how many days must advertising terminate - ANS>> within thirty (30) days of death or disability of the broker All acts performed by an associate must be in the name of whom - ANS>> done only in the name of the associate's broker. Who is responsible for the acts of an associates unlicensed assistant - ANS>> An associate who employs an unlicensed assistant is responsible in conjunction with the broker for all real estate related activities of the unlicensed assistant. Who retains custody of an associates license - ANS>> the associate's broker Within how may days must an associate file with OREC a change of office form - ANS>> within ten (10) days. What action with OREC must the new broker take when an associate moved - ANS>> cause the license of that associate to be forwarded to the Commission along with a release of association form. The broker shall make every attempt to notify the associate of the disassociation
What is the OREC fee to change offices - ANS>> fee of Twenty-five Dollars ($25.00). IF a broker refuses to release an associate what action must the associate take - ANS>> notify the broker by certified mail of the disassociation and furnish the Commission a sworn statement that the notification has been served on the broker. When an associate move to a new broker, within what time limit can the associate continue to engage in real estate activities - ANS>> may act as if the change is done What is the procedure for a dissociated associate to be compensated by the prior broker - ANS>> may pay directly to the associate from the previous broker Within how many days must an associate file with OREC a change in home address - ANS>> within ten (10) days of such change What is the OREC Fee to change and associate address - ANS>> No fee is required to change the licensee's records; however a fee of Twenty-five Dollars ($25.00) will be charged if the change requires a new license to be issued. What criteria must apply to any financial institution wherein earnest money is deposited
- ANS>> deposits are insured by an agency of the federal government. Whose name must be on the account - ANS>> The broker What is the time limit for depositing escrow funds - ANS>> before the end of the third banking day following acceptance of an offer by an offeree when may a broker disperse funds from a trust account - ANS>> until the transaction involved is consummated or terminated and proper accounting made. What is the definition of comingling - ANS>> may not keep any personal funds in the trust account except amounts sufficient to insure the integrity of the account and cover any charges made by the financial institution for servicing the trust or escrow account. What must a broker do with regards to an interest bearing trust account - ANS>> must disclose in writing to all parties that the account bears interest and identify the party receiving the interest Are brokers required by OREC to maintain a trust account - ANS>> not unless monies or other depositable items belonging to others are accepted by the broker With whom must a broker register all trust accounts. - ANS>> required to notify the Commission in writing of all trust or escrow accounts, security deposit accounts, rental management operating accounts, and interest bearing accounts in which trust funds are held
Who does NOT determine what brokerage relationship exists - ANS>> the associated broker associates, sales associates or provisional sales associates Who is not authorized to accept delivery of a contract between the parties unless the contract authorizes such action and this broker agrees to do so - ANS>> transaction broker What suggestions may a transaction broker make - ANS>> provide market information and data which may indicate value and may make a suggestion regarding value What may a transaction broker not do - ANS>> advocate for either party What is the procedure for disclosure with regards to psychologically impacted property - ANS>> (1) Purchaser/lessee must be in the process of making a bona fide offer. (2) Licensee must receive request in writing from purchaser/lessee. (3) Purchaser's/Lessee's written request must state that such factor is important to the decision of the purchaser/lessee. (4) Licensee shall make inquiry of the owner by submitting the written request to the owner. 55 (5) Licensee shall report any findings to the purchaser/lessee with the consent of the owner. (6) If the owner refuses to furnish information requested, the licensee shall so advise the purchaser/ lessee. (7) Further, if a purchaser/lessee is requesting information as to whether or not an occupant of the real estate is, or was at any time suspected to be infected, or has been infected with Acquired Immune Deficiency Syndrome, or any other disease which falls under the privacy laws, the information can only be obtained in accordance with the Public Health and Safety Statute what happens if a purchaser asks about a property occupant and AIDS - ANS>> the information can only be obtained in accordance with the Public Health and Safety Statute Does OREC establish the Commission rate for real estate services - ANS>> No What must happen before OREC will entertain a complaint charging a broker with failure to pay an earned commission - ANS>> the complaining licensee submits with his or her complaint evidence that a court of competent jurisdiction has ruled in his or her favor relative to the subject and awarded judgment against the broker Who may file a complaint alleging misconduct against a licensee - ANS>> any person
If an OREC form is not used to file a complaint, What must the document have - ANS>> form is notarized by a notary public In how many days and in what form does a licensee have to respond to the complaint - ANS>> file an adequate written response within fifteen (15) days of the notice What is the minimum number of days notice for an OREC format hearing - ANS>> at least fifteen (15) days written notice Where do OREC form hearing take place - ANS>> shall be set at such time and place as the Commission through its Secretary-Treasurer may prescribe What is the time limit to request a formal hearing postponement - ANS>> seventy-two (72) hours prior to the hearing When shall a formal hearing not be in public - ANS>> except that upon motion of either party Who documents the procedure of an OREC formal hearing - ANS>> A courtreporter What is substantial misrepresentation - ANS>> (1) The recommendation or use by a licensee of a fictitious or false instrument for the purpose of inducing any lender or Government Agency to loan or insure any sum of money. (2) Failure to disclose to a buyer or other cooperative licensee or company a known material defect regarding the condition of a parcel of real estate of which a broker or associate has knowledge. (3) The use by a real estate broker of the name or trade name of a licensee whose license has been revoked or currently on suspension
