Charles Barnes Flashcards

Charles Barnes Flashcards How does the Code define "person"?Every individual, partnership, association or corporation, foreign or domestic.Attorney-in-fact; Attorney-at-law; Resident Manager; Person acting on behalf of a corporation or governmental body; Eminent Domain; Affordable Housing Projects.When will a real estate license applicant be eligible after conviction for fraud?$35 feeHow many clock hours must a provisional sales associate

candidate complete? 605:10-3-1

21 hours or equivalent education set forth by the Commission.When can a licensee with a revoked license apply for a reissue?How much do OREC Commissioner's earn while serving in an OREC capacity?Travel expenses essential to performing the duties of office as provided in the State Travel Reimbursement Act.Who must be associated with a real estate broker? 1. Broker Associate2. Sales Associate3. Provisional Sales Associate

An offer in writing.What is a "trade name"? 605:10-1-2

What is the primary purpose of the Oklahoma Real Estate Commission?According to the Rules, what is the definition of

"advertising"? 605:10-1-2

The Oklahoma Real Estate Commission has how many members?7 The 12th or 36th month, which ever applies. What is the requirement for continuing education in relation to license reissue?

• 45 hours of postlicense educationWhat are the qualifications to earn a Brokers License?

What are the basic requirements to serve as a Commissioner?

• US Citizen.2. Oklahoma resident for at least 3 years (all

members).3. 5 years active experience as a real estate broker & be engaged full time in the brokerage business. (5 members).4. Lay person no in the real estate business (1 member).5. Active representative of a school of real estate (1 member).What are the OREC leadership positions?Chairman & Vice Chairman.Any claimant who meets all of the conditions prescribed by this act may apply.What is the maximum amount of a potential payment, including attorney fees?The name a firm is to be known as & which is used in advertising by the firm to promote & 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? 605:10-1-3

Any claimant.Under what conditions is a claimant eligible?

• Specific place of business2. Comply with all local laws

&be available to the public What are 23 ways to lose your real estate license?How does the Code define Real Estate Associate? Any person having a renewable license and employed or engaged by, or associated as an independent contractor with, or on behalf of, a real estate broker to do or deal in

any act, acts or transactions set out in the definition of a real estate broker.A reputation for honesty, truthfulness, trustworthiness, good moral character, & that he or she bears a good

reputation for fair dealing.If OREC denies an applicant a license, what course of

action can the applicant take? 605:10-3-3

How long is the term of an OREC member?4 years Must provide written request within 30 days of being denied.What is the minimum number of day's notice OREC must give before a hearing?Moving Party.Who may engage in real estate activities?If a broker does not have a written agreement with a client, what is the relationship?Transaction Brokerage What is the definition of a Licensee?Any person who performs an act, acts or transactions set out in the definitions of a broker and licensed under the Oklahoma Real Estate License Code.What or who regulates & issues real estate licenses in Oklahoma?The Commission What duties does a broker have when a transaction is complete?

• Account for all monies & property relating to the

transaction2. Keep confidential all confidential information received by the broker during the broker's relationship with a party.Based on occupation, how is the Commission compromised?

• real estate members1 lay person not in the real estate

business1 active representative of a school of real estate

• months.According to the Rules, what constitutes "good moral

character"? 605:10-3-2

If the Education & Recovery Fund has insufficient money, what action may OREC take?Claims will be paid as funds become available.How does the Code define Real Estate???Any interest or estate in real property, within or without the State of Oklahoma, whether vested, continent or future, corporeal or incorporeal, freehold or nonfreehold, and including leaseholds, options and unit ownership estates to include condominiums, time-shared ownerships and cooperatives; provided, however, that the term "real estate" show not include oil, gas or other mineral interests, or oil, gas or other mineral leases; and provided further, that the provisions of this Code shall not apply to any oil, gas or mineral interest or lease or the sale, purchase or exchange thereof What is the Oklahoma Real Estate Commission Revolving Fund?All monies received by the Oklahoma Real Estate Commission.

• yearsWho pays the cost of the national criminal history record

check?When & for what purpose may OREC expend Education & Recovery fund money at the Commission's discretion?858-605

• To promote the advancement of education in the field of

real estate for the benefit of the general public & those licensed under the Oklahoma Real Estate License Code, but such promotion shall not be constructed to allow advertising of the profession2. To underwrite educational seminars & other forms of education projects for the benefit of real estate licensees3. To establish real estate courses at institutions of higher learning located in the state & accredited by the State Regents for Higher Education for