applicant to examination and licensee

Oklahoma Laws and Rules affecting Real Estate Practice Flashcards How many clock hours will you need to qualify as an applicant to examination and licensee 90 who appoints the members of the commission the governor Dual contracting could lead tojail What will happen if you don't respond to a complaintfined 500.00 The REC will apply for ____ and ____ against violators of the code when needed injunctions, restraining orders When is it illegal to have dual contracts between buyer and seller if each contract contains different terms, with the intention of submitting a fraudulent contract to a lending institution.What will happen if a licensee fails to comply with all codes and rules for active status license will be places inactive When hosting events the RECprovides food, lodging and other reasonable expenses What will happen if the hearing is before the whole commission The commission shall deliberate and render a decision with confirmation of such decision in writing in the form of an Order to be distributed to all parties by mail.When will the REC prescribe panalitiesfailure to pay license renewal fees as provided in the Code When guilty of a violation a person shall pay no less and no more than for each violation no less than 100; no more than 2000.00 What is a limitation of the associateThey will only be allowed to work for one broker Which broker is responsible for the sales associate that is being borrowed by another broker for specific duties The original broker who has agreed to loan the associate.The REC is allowed toenter into reciprocal agreements with other licensing regualtory jurisdictions with equivalent licensing, education and examination requirements Who is the only person allowed to open a trust or escrow acct broker When courses of education are offered the REC will approve instructors and educational entities What is the exception for allowing an associate to work for more than 1 broker the broker has to agree to loan the associate to another broker for a specific duty Whose name will the associate do business under the broker What will happen if you don't pay a violation fine in 30 daysthe fine will be doubled How many months is a provisional assoc. license valid before renewal 12 During the 30 day time frame for fines to be paid what happens to the licensee They will be suspended Who does the REC issue licenses topersons who have passed examinations Advertising must be conducted under the supervision of your broker Brokers name should always be located where compared to the team name in close proximity to a team name reference

Real estate comm. make and enforceRules Where do all funds received via fines go to Education and Recovery Fund Real estate comm establishfees Who can file a complaint to the ORECfiled public, or by the commision What rights does the prosecutor havesubpoena witnesses, take testimony by deposition and compel the production of records and documents bearing upon the complaint.Who investigates a complaintReal Estate commissioners. OREC may designate an attorney who will act as prosecutor for the commission to examine the results of the field investigation.Who can a complaint be filed againsta licensee or non-licensee illegally practicing real estate What may be included in an advertisement, if allowed by broker Associates personal insignia, personal nickname or alias, associates contact info, team name, slogan, domain/website name

• members of the commission must bereal estate broker with at least 5 years of active full-time

experience as a real estate broker How many hours of post license classes does the provisional assoc need to take withing the first 12 months 45 How many members doe the commission consist of 7 When will the REC will conduct or cause disciplinary proceedings every month on the 2nd Wednesday How often do commissions meet to go over hearings monthly no more than 2 membersmay be from the same congressional district A claimant can collect from the Education Recovery fund ifcause of action occured within the past 2 years, claimant immediately notified OREC of action, claimant receives a final judgement in their favor, action has been filed, claimant is unable to secure full payment of the judgement The REC can modifyprevious imposed sanctions Who provides the governor with the recommendations for persons to serve in the commission The Oklahoma Assoc. of REALTORS What are the required 6 CE classes a licensee must takeeFair Housing, Ethics and professional standards, OK Brokerage relationship act, Hot topic, OK real estate commission, contracts, Contracts for the sale of real estate fall under what category Statute of Frauds What could be a possible disciplinary action of a licensee violates the FHA law requiring additional education When was the real estate license "code" amended 2013 What must an associate do when advertising you must use company name along with you name. You are prohibited to advertise under your name only.Commissioner must be residents of Oklahoma how many years before being appointed?3 **** If a licensee makes a name change or home address change, the licensee shall file this change with the commission office within how many days of change 10

How does the REC discipline licensees, instructors, and real estate schools Reprimand, probation for a specified period of time, requiring additional education, suspension of real estate license, revoking a license, and combination of the above that deem necessary.Why would someone illegally have dual contracts with different terms to induce a larger loan One substantial misrepresentation that is considered a federal offense The recommendation or use by a licensee of a fictitious or false instrument for the purpose of inducing any lender or Gov. agency to loan or insure any sum of money.

• member of the commission must be an active

representative of an approved real estate school in Oklahoma located in the state What happens with the finding of a complaint reported to the commission then they determine if the evidence warrants lodging formal charges and a formal hearing When considering a yard sign, how should the associates contact information be placed on the sign The yard sign must contain the name or trade name and office telephone number of the broker as long as it's approved by the broker A claimant will not qualify for funds from Education Recovery fund if claimant is the spouse of the debtor or special rep, claimant was a licensee who acted on their own behalf, claimant is jointly responsible for the act on which the claim was based What is the procedure of a formal hearing The designated attorney for the state shall present the State's case. The respondent may present his or own case or have legal representation Substantial misrepresentation failure to disclose to a buyer or another cooperative licensee or firm known material defect regarding the condition of a parcel of real estate of which a broker or assoc has knowledge of What is required of the sales associateall acts performed by an associate under the provisions of the "Code" shall be done only in name of the associate broker What is the main purpose of the Ok Real Estate commission to safeguard the public interest When a licensee has been suspended or revoked, it is a misrepresentation for that person to use a real estate broker name or trade name The associates name, when advertising, must not beclose relate to the broker name *** Once a licensee or unlicensed person pursuant to the code is notified of a complaint how many days do they have to resond 15 days, and the response must be written to the OREC How many CE are electives for a licensee 15 What is the fee that will be required to pay when a licensee changes broker 25.00 What is the max you can be fined per a complaint 5000 What does the contract form committee do required to draft and revise real estate purchase and/or lease contracts and related addenda; this committee never goes away What do the REC sell to license applications and other entities to make money computer testing

What is the purpose of the Real Estate Commission safeguard the public interest and provide quality services by assisting and providing resources; encouraging high standards of knowledge and ethical practices of licensees.The Education and Recovery Fund is used by who The public as a result of licensee violations What happens if a formal hearing is ordered 15 days written notices must be given to all parties prior to a formal hearing date. Broker will be notified as well.In order to be enforceable, contracts should be donein writing What is the best way to have a clear record of conversations during dealing buisiness send an email to confirm conversations stating "per our conversation" document everything in writing What are the specific duties that a broker will allow an associate to do for another broker sitting in an open house, calling an auction or performing other auction related duties, any other duty that is requested in writing and approved by the commissioner The REC will contract with who?attorneys to carry out the functions and purpose of the Code What is a possible immediate action of findings of a complaint If it deems the public health, safety or welfare is in danger, they will suspend the licensee temporarily until a hearing is executed When advertising the brokers name should be prominent, conspicuous, and easily identifiable Do elective course have to be approved?yes The associates website must includebrokers name on every page How many terms (years) do commissioners serve 4 When will the REC initiate prosecution of anyone When the code and rules are violated What is the time frame in which you need to pay your finesno later than 30 days If an associate hires an assistant who is responsible for them the sales associate When a licensee is purchasing or selling real estate, active or inactive, the licensee must disclose what?that they are a licensee, and must include their license # How can the governor replace a commission member failure to perform the duties required and they also have the authority to fill a vacancy It a misrepresentation of the associate to represent to any lender, guaranteeing agency an amount in excess of the true and actual sales price of the real property or terms differing from those actually agreed upon by the parties to the transaction.What type of activities does the REC regulate activities of the real estate broker, provisional sales assoc., sales assoc., branch offices, nonresident licensees, real estate corp, partnerships, and associations.What signs do not require the broker name and informationopen house signs The contract form committeeis created by the REC The REC will conduct this of the Executive Director of the Commission annual performance review Who is the Oklahoma Real Estate Commission The real estate licensing authority in the state How many months is a sales assoc. and brokers license valid before renewal?36

• member of the commission must belay person with no real estate experience