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Oklahoma Real Estate Exam 2024 with Questions and 100% Correct Answers
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Oklahoma Real Estate Exam 2024 withQuestions and 100% Correct Answers
What are qualifications to earn a broker license - Answer 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
What must any broker do if the broker charges and collects fees for services - Answer
provide a detailed accounting of expenditures to the person such services are
performed for within 10 days after the time specified to perform
what are the terms for each type of OK Real Estate license - Answer Every license has a
term of 36 months with the exception of the provisional sales associate whose license
term is 12 months
In what month does a license expire - Answer At the end of the 12 or 36th month
What is the requirement for continuing education in relation to license renewal
- Answer Must complete required hours set by the OREC
When can a licensee with a revoked license apply for a reissue - Answer may not
reapply for 3 years
Who pays the cost of the national criminal history record check - Answer Paid by
the applicant
,What are the requirements for establishing a real estate office - Answer Must follow the
local laws and be available to the public during reasonable business hours
How many ways are there to lose your license - Answer 23 (858-312)
Who is prohibited from participation in a real estate business - Answer No person whose
licensed has been revoked or suspended, cancelled, suspended or lapsed.
Single Party Broker - Answer perform the terms of the Brokerage Agreement;
b. treat all parties to the transaction with honesty and exercise reasonable skill and care;
c. be available to: (i) receive all written offer and counteroffers; (ii) reduce all offers
or counteroffers to a written form upon
request of any party to a transaction; and (iii) present timely such written offers
and counteroffers;
d. when an offer is made, inform in writing the party for whom the Broker is
providing services that such party will be
expected to pay certain closing costs, brokerage service costs and the approximate
amount of those costs;
e. keep the party for whom the Broker is performing services informed regarding
the transaction;
,f. timely account for all money and property received by the Broker;
g. keep confidential information received from a party confidential as set stated below;
h. perform all brokerage activities for the benefit of the party for whom the single-party
broker is performing services
How does the code Define Real Estate? - Answer Shall Include any interest or estate in
real property. Does NOT include the interest of oil, gas or other mineral interest
Real Estate Broker - Answer Shall include any person , Partnership, association, or
cooperation, who for a fee lists, sells, offers to sell, buys, or attempts to buy,
exchanges, rents, leases, or attempts to negotiate any such activity
Broker Associate - Answer Shall include any person who is qualified for a license as
a broker and in any act, or transaction set in in broker definition
Real Estate Associate - Answer Any person having renewable license and employed or
engaged by, or associated as and independent contractor with a real estate broker to
do or deal in any act, acts or transactions set out in the definition of real estate broker
Provisional Sales associate - Answer Shall 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
Licensee - Answer Shall include any person who performs any act, acts or
transactions set out in the definition of a broker and licensed under the OREC
Commission - Answer Shall Mean the Oklahoma Real estate Commission
, Person - Answer Shall Include and mean every individual, partnership, Association
or corporation, foreign and domestic.
How Many Members does the OREC Have? - Answer 7 Members
What or who Regulates and issues real estate licenses in OK - Answer Oklahoma Real
Estate Commission
What are the basic requirements to serve as a commissioner - Answer All members
should be citizens and resident of the state of OK for at least three years prior to
their appointment.
Based on the occupation, how is the commission compromised - Answer 5 members
Shall be licensed real estate brokers with 5 years of active experience. 1 member
shall be a lay person not in the real estate business. and 1 member shall be an active
representative of a school of real estate located in OK.
What is the limitation regard congressional districts - Answer No more than 2 members
shall be appointed from the same congressional district.
Who appoints OREC Members - Answer Appointed by the Governor with the advice and
the consent of the senate
How long is the term of an OREC member - Answer Terms are 4 years and until their
successor is apponted
What organization recommends candidates to serve as commissioners - Answer
Oklahoma Association of realtors, INC
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