Oklahoma Real Estate Portion PSI Real Estate Test Flashcards

Oklahoma Real Estate Portion // PSI Real Estate Test Flashcards What are the entities that are excluded from the state's real estate license requirements?-Any party that acquires and or sells real estate based on its OWN USE-any entity acting as an attorney-in-fact for the owner or acting for a legally appointed Trustee-any resident manager hired by the owner or employed by the broker that is engaged in leasing the property-any person engaged by a corporation or governmental body to acquire easements, right-of-way, leases, permits, or licenses-any person hired to acquire real estate via eminent domain-any resident that receives one hundred dollars or less as a "resident referral fee"-any person managing a transient lodging facility-any employee working for a broker that manages a state or federal housing subsidized unit T/FMembers of the OREC are entitled to receive Travel Expense Reimbursement TRUEThey are reimbursed for travel expenses Upon a firm ceasing a portion of Real Estate activities or ceasing all real estate activities, the broker a shall?Notify the Commission in writing of the effective date of such action and advise as to the location where records will be stored Licensees are required to disclose their status as licensees when what?

• attempting to purchase a property for themselves of for

another entity in which the licensee has an interest An associate is required to notify the Commission office of any change in his or her current home address within how many days of change?10 days!Any person unlicensed who shall willingly and knowingly violate any provision of the CODE, shall be guilty of a misdemeanor punishable by a fine of not more than how much?NO more than $1,000 or imprisonment in the county jail for no more than 6 months, or by both OREC has the LEGAL STATUS and MANDATE to do what?

OREC HAS THE LEGAL STATUS AND MANDATE

TO:-SUE and BE SUED in its official name-Affix an official

seal to legal documents-Report all fees charged, collected, and received at the close of each fiscal year with the Governor and State Auditor and Inspector T/FA licensee is responsible to account for all non-owned valuables that transfer into his or her possession as a result of a real estate transaction TRUE T/FA firm that provides brokerage services to both parties in a transaction must give written notice to ONLY ONE of the parties when the firm is providing services to BOTH parties?FALSE-brokers must disclose to both parties PRIOR to the parties signing a contract that the firm is providing brokerage services to both parties Which persons are ineligible for a license? Any applicant convicted of any crimes What score shall be considered a passing grade? 75% shall be considered a passing grade on the broker or provisional sales associate examination

What is the fundamental purpose of OREC? 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 licensed person who violated the "Oklahoma Real Estate License Code and Rules" Who are the members of OREC appointed BY? OREC members are appointed by the Governor with the advice and consent of the Senate The Statute of Frauds requires certain types of contracts to be what?Contracts to be IN WRITING in order to be enforceable A broker can assign listings to other brokers when they are suspended but must do what?

MUST NOTIFY THE COMMISSION

Usually the specific duty to be performed are what?-Sitting at an open house-calling an auction or performing other auction related duties-any other specific duty as requested in writing and approved by the OREC to officially put a law into effectPromulgate If approved by the associate's broker, the associate is allowed to use what?-personal nickname or alias-team name-slogan-broker's registered domain/website name-associate's contact informational yard sign, provided the registered name or trade name and office telephone number of the broker is included-generic open house/directional sign when used in conjunction with broker's signs If a broker's license is suspended/revoked what happens to the associates underneath them?The Associates license becomes INACTIVE for the duration unless the licensee requests to be transferred to another broker OREC has established the following advertising requirements and prohibitions for Associates they are?-An associate is prohibited from advertising under ONLY the associate's name-All advertising must be under the direct supervision of the associate's Broker-The associate must include the name of the associate's broker or the name under which the broker operates What is the goal of written contract rules? The goal is to avoid fraud by requiring written proof of the underlying agreement Complaints may be filed by the public or by the commission's own motion. Once a complaint is filed what process will take place?-A complaint notice will be sent immediately to the subject licensee or unlicensed person-The complaint recipient will be required to file an adequate written response within FIFTEEN (15) DAYS of the notice-Subsequent to the FIFTEEN DAYS answer period, an investigation will be conducted to ascertain whether or not charges should be lodged and a formal hearing ordered-At the completion of the investigation a written report is submitted to the Commission-The Commission will then determine whether or not the evidence warrants formal charges, and if so, will order a hearing-If a formal hearing is ordered, all parties will receive copies of any written report accompanied by

the findings, if any. The Commission must provide at least a FIFTEEN (15) day written hearing notice to parties in the complaint In the absence of a pending civil action and upon the passage of 30 days from the date of final termination of the contract, the broker may do what?The broker may disburse escrow monies or valuables to either the purchaser or seller based on good decision by the broker that the opposite party has failed to perform the agreed upon action What else must the broker do when ceasing Real Estate Activities?He shall-Return the broker's license certificate AND pocket identification card and ALL LICENSE certificates of those associated with the broker of the commission and advise the Commission as to the circumstances involving any not returned

No licensee can accept or receive a fee, commission, salary, rebate, kickback, or other compensation or consideration allowed by law in connection with what?

• the recommendation, referral or procurement of any

product or service, including financial services-nor can licensees own any beneficial interest in any entity which provides any product or service, including financial services to home owners, home buyers or tenants, in connection with the sale, lease, rental or listing of any real estate Upon an associate leaving the association of the broker, what must happen to his or her license?THE LICENSE must be returned to the COMMISSION, WITH A RELEASE executed by the broker A broker who is providing brokerage services to one or both parties must do what?A BROKER MUST Describe and DISCLOSE in writing the broker's duties and responsibilities PRIOR TO the party or parties signing a contract to sell, purchase, lease, option, or exchange real estate The duty of account for the Sales Associate is what?The Associate is:-Required to turn over all documents, files and monies deposited, payments made, or things of value received by the associate to his or her broker promptly-required to deliver a copy of ALL TRANSACTIONS instruments to the appropriate parties in the transaction-Not authorized to open or maintain a trust or escrow account Funds collected by OREC shall be deposited where? In the Oklahoma Real Estate Education and Recovery Fund Any applicant convicted of a felony involving forgery, embezzlement, obtaining money under false pretense, extortion, conspiracy to defraud, fraud, or any other similar offense may not apply for a license within how many years of completion of any criminal sentence including parole and probation

10 YEARS

OREC has the authority and duty to perform what acts or tasks?

OREC has the authority to perform:-Promulgate Rules,

prescribe administrative fees, and make rules necessary to perform of its duties-Administer license requirements-sell computer testing and licensing applications-Issue Real Estate Licenses-Regulate the activities of licensed real estate professionals If the commission finds that public health, safety, or welfare is in jeopardy, emergency action can be taken to order a summary suspension of a licensee pending proceedings for revocation or other action within how many days?WITHIN 30 DAYS-the summary suspension will remain in effect until further order by the Commission What are the OREC ADVERTISING requirements and prohibitions?-a broker must use the registered business trade name or the name under which the broker is licensed-yard signs must include the broker's office telephone number and not be used as a "shill" marketing tool-advertisement must indicate that the party is a real estate broker and not a private party-firm advertisement must include "agency", "company", "realty", or "real estate" as the case may be.Legible legal abbreviations are acceptable-an