Oklahoma Real Estate Practice Exam Flashcards

Oklahoma Real Estate Practice Exam Flashcards The commissionWhich of the following statements regarding provisional sales associates licenses is accurate?Sebastian forgot to pay his rent this month, and his landlord has given him a notice, telling him to pay up or be evicted.How long does Oklahoma law say Sebastian has to pay before his landlord files an eviction lawsuit?Five days Only after the buyer signs the disclaimer statementYou're conducting your visual inspection of your client's property in Thackerville and come across a room painted in psychedelic colors. Should you note this as an adverse material defect for disclosure to potential buyers?Who is ultimately responsible for an affiliated Oklahoma broker's actions?A broker When providing brokerage services, which of the following duties does an Oklahoma licensee owe only to parties for whom the licensee performs brokerage duties?Notify parties of transaction costs and their amounts in writing.Which of the following describes vicarious liability in Oklahoma?An associated real estate broker may be held liable for the misconduct of the licensees on staff.Gillian is a provisional sales associate in Oklahoma. Her license is valid for ______.12 months and isn't renewable.Oklahoma licensee Henry has pled guilty to a felony charge. How many days does he have to submit the appropriate notification to OREC?30 The statute of fraudsLicensee Robert is studying how best to fulfill his duties to his clients, specifically focusing on those that were written into law by his state's legislative body. What kind of duties is Robert focusing on?Which of the following penalties is likely to be imposed for a minor, first-time license law violation?Reprimand Yes, she is required to comply with commission inspections and its subsequent requests.Jasmine is an Oklahoma licensed sales associate. In order to maintain her active license, where must she keep her license certificate?The Oklahoma Real Estate Commission has the authority to do all of the following, EXCEPT which one?Conduct an annual performance review of the governor.Before the sellers signed a listing agreement Abdul decided to get a jump on a new listing by putting a for sale sign in the yard. The owners were out of town, and he couldn't reach them, but he was sure they'd be impressed by his proactive attitude. Is Abdul right in his reasoning?In Oklahoma, why is asbestos considered hazardous?It can cause serious lung disease and cancer.Sofya wants to know more about what acts are considered prohibited dealings in Oklahoma. Which of the following

falls into this category?What makes a polices and procedures manual such a useful tool?

In writingWhat are the three basic functions of the Oklahoma Real Estate Commission?ActiveCharlotte is an Oklahoma property owner who wants to unilaterally terminate the property management agreement she has with Sal, her property manager. Under which of the following circumstances would she be able to do this without risking breaching the contract?No, this is not an adverse material defect. Tom and Jim live in Catoosa and are neighbors. Jim wants to buy Tom's rental property. In the contract that Tom and Jim sign, Jim is identified only as "the neighbor." Which statute or contract element does this violate?A provision requiring the tenant to pay the landlord's attorney fees in the event of an eviction Joe's license was suspended last week. Which of the following describes what he may legally do?Enforces license lawGenevieve intentionally "forgets" to send the commission the documents it asked for during an investigation. It's hard enough to get things done without having to hunt down specific files. Has Genevieve committed any kind of violation?Education, investigation, and enforcement Andrea is an Oklahoma licensee representing buyer client Patrick. Which of the following statutory duties does Andrea owe to the Harbenskis, who are selling the home Patrick is buying?Broker Tonya needs to register the brokerage she is opening. She has a question about one of the steps in this procedure and wants to make sure she does it right. Which of these entities has the authority to help her?The Oklahoma Real Estate Commission You're representing Sally, who's selling her home in Catoosa. When you ask her to complete the required seller disclosures about her property, she's hesitant to say anything about the "quirks," as she calls them, with the plumbing system. She's afraid this will put buyers off and she'll never get the property sold. Which of these options would be the best way to advise Sally?Tell her that disclosing known defects, such as the plumbing quirks, will protect her from a potential lawsuit.If she gives the appropriate amount of notice as specified in the agreement.If a disclaimer statement is delivered to a potential buyer after an offer has been made, when can the seller accept the offer?A provisional sales associate license is valid for one year and isn't renewable.Oklahoma licensee Tavion is selling his condo without enlisting the services of a real estate brokerage. What information must he include in any advertising for the property?AccountingThe commission may initiate cease and desist orders for individuals who perform licensed real estate activities without a valid license. This is an example of how the commission _____.

His license is considered inactive, so he cannot practice real estate at all until his license becomes active again.Drew and Hank were camping at Hank's riverfront cabin in Eagletown. Hank told Drew that he rarely used the cabin and was thinking of selling it. Drew said that he'd buy it from Hank for $80,000, which Hank agreed was a fair price.It's two months later, and Hank is upset that Drew now says he won't buy it. Why isn't this contract enforceable?In Oklahoma, your associated real estate broker will monitor the relationships you create with ______ to ensure you fulfill your statutory duties.All parties to a transaction When the Oklahoma Real Estate Commission receives a recommended order resulting from a disciplinary hearing, how many days' notice will the accused licensee be given in advance of the commission deciding on its final order?The commission will deliberate and render a final order in writing, which is then distributed to all affected parties by mail.At her actively licensed sponsoring broker's place of business Harriet is drawing up a new lease for the latest tenant in her Oklahoma City high-rise. To maintain compliance with Oklahoma law, which of the following must Harriet omit from the agreement?Not sharing confidential information received from a party or prospective party with anyone else Garrett's seller clients are closing in just a few weeks, and Garrett's pretty stoked about getting his first commission check. He's reviewing the transaction file against the brokerage checklist when he realizes he didn't provide the disclosure of duties, responsibilities, and services owed to his clients. According to Oklahoma law, when should the form have been provided?Which of the following is a prohibited dealing in Oklahoma?Licensees who complete a brokerage contract without including a termination date.Regardless of what day of the month the license was issued, upon what day do Oklahoma real estate sales associate and broker licenses expire?The last day of the month in the 36th month of licensure It aligns brokerage policy with state and federal regulations.Marie's brokerage relationship with the Clarks has terminated. She has some paperwork she needs to send to them. When she provides this paperwork to them, what is this an example of?Jeff holds a real estate sales associate license and is working for supervising broker Charlene in Oklahoma City.Jeff wants to begin property management services for his client, Art, and prepares a property management agreement. Can Jeff sign the agreement with Art?Yes. Charlene may authorize Jeff, as a sales associate licensee under her supervision, to sign the property management agreement.Abdul is not allowed to advertise a property for sale without the owners' consent.Sabrina has received notice of an administrative fine due to some misconduct on her part. What entity has the power to enact this kind of sanction?NothingAn Oklahoma agreement for a licensee to perform property management activities and work on a client's behalf must be _____.