Oklahoma Real Estate Exam Flashcards

Oklahoma Real Estate Exam Flashcards What are qualifications to earn a broker license must hold a sales associate license with 2 years of experience within the previous 5 years. with successful completion of 90 hours in advanced real estate instruction Where must the OREC office be locatedOklahoma city, Ok What is the penalty for violating the Code 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 fineand imprisonment Who can remove members of OREC and for what causes/reasons Members may be removed by the Governor, For inefficiency, neglect, or malfeasance in office int eh manner provided by law How many clock hours must a broker candidate completeat least ninety (90) clock hours of instruction Who is prohibited from participation in a real estate business No person whose licensed has been revoked or suspended, cancelled, suspended or lapsed.What are the powers and duties of OREC1.promulgate rules2.administer examinations3. to sell to other entities, computer testing and license applications to recover funds.4. issue licenses5.more stuff 858-208 what is a trade namethe 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 or who Regulates and issues real estate licenses in OK Oklahoma Real Estate Commission Which relationship does have vicarious liability Single Party broker Who appoints OREC MembersAppointed by the Governor with the advice and the consent of the senate Who May not be refer to themselves as a broker associates shall not refer to themselves as a broker.what is the contract forms committeedrafts and revises residential real estate purchasecontracts and any related addenda for standardization and use by real estate licensees Who pays the cost of the national criminal history record check Paid by the applicant Who may petition the commission to amend or repeal any rule Any person may petition the Commission in writing requesting a promulgation, amendment or repeal of any rule.What is the fee applied to a returned check for payment of a fee to OREC fee of Thirty-five Dollars ($35.00) will be charged What is the time limit to pay an OREC fine fines shall be paid within thirty (30) days of notification In order to receive payment from the education and recovery fund, what must a claimant do in relation to OREC claimant assigns the claimant's right, title and interest in that portion of the judgment to the Commission which shall

be subrogated up to the amount actually paid by the fund to the claimant orto the claimant and the claimant's attorney.U

How many ways are there to lose your license 23 (858-312) What is the primary purpose of the OK Real estate commission 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." 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 When may a license be reinstated after a judgement against a licensee The license shall not be considered for reinstatement until the licensee has repaid in full, plus interest at the rate ofseven percent (7%) a year What governs OREC and defines the procedures for OREC performance Administrative procedures act Provisional Sales associateShall 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 What are the basic requirements to serve as a commissioner All members should be citizens and resident of the state of OK for at least three years prior to their appointment.Which relationship does not have vicarious liabilityTransaction broker In what instances is a licensee not required to make disclosure in a transaction that previous occupants had non transmitted diseases, or that a homicide, suicide, or felony took place on the property.What is the time limit to appeal an OREC adverse administrative action within thirty (30) days of notice of such action or decision, Who has the burden of proof in a hearing Shall be upon the moving party Who may engage in real estate activities licensed agents What is the OREC requirement concerning in class attendance a person must physically be present during all of the offering time and successfully complete all courserequirements to include an examination What is a hearing examinerHas the power and authority to conduct hearing in the name of the commision IF the education and recovery fund has insufficient money, what action may OREC take Commission shall satisfy such unpaid claim or portionthereof as soon as a sufficient amount of money has been deposited in the fund by collecting special levyfrom the members of the fund of an amount not to exceed Five Dollars ($5.00) each fiscal year Transaction Brokersame 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 orc. keeping the party for whom the Broker is performing services informed regarding the transaction. A TransactionBroker 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.PersonShall Include and mean every individual, partnership, Association or corporation, foreign and domestic.