Charles Barnes – Flashcards
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How does the Code define Real Estate???
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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
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How does the Code define Real Estate Broker?
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Any person, partnership, association or corporation, foreign or domestic, who for a fee, commission or other valuable consideration, lists, sells or offers to sell, buy or offers to buy, exchanges, rents or leases any real estate, or who negotiates or attempts to negotiate any such activity, or solicits listing of places for rent or lease, or solicits for prospective tenants, purchasers or sellers, or who advertises or holds himself out as engaged in such activites
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How does the Code define Broker associate?
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Any person who has qualified for a license as a broker and who is employed or engaged by, associated as an independent contractor with, or on behalf of, a broker to do or deal in any act, acts or transaction set out in the definition of a broker.
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How does the Code define Real Estate Associate?
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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.
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How does the Code define Provisional Sales Associate?
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Any person who has been license after June 30, 1993, 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 and subject to an additional 45 hour postlicensing educational requirement to be completed within the 12 month license term.
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What is the definition of a Licensee?
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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.
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What is the Commission?
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The Oklahoma Real Estate Commission.
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How does the Code define "person"?
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Every individual, partnership, association or corporation, foreign or domestic.
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The Oklahoma Real Estate Commission has how many members?
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7
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What or who regulates & issues real estate licenses in Oklahoma?
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The Commission
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What are the basic requirements to serve as a Commissioner?
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1. 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).
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Based on occupation, how is the Commission compromised?
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5 real estate members 1 lay person not in the real estate business 1 active representative of a school of real estate
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What is the limitation regarding Congressional Districts?
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No more than 2 members from the same congressional district.
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Who appoints OREC Members?
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The Governor with the advice & consent of the Senate.
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How long is the term of an OREC member?
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4 years
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What organization recommends candidates to serve as Commissioners?
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The Oklahoma Association of Realtors, Incorporated.
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Who can remove members of OREC and for what causes/reasons?
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The Governor. For inefficiency, neglect of duty, or malfeasance in office.
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How much do OREC Commissioner's earn while serving in an OREC capacity?
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Travel expenses essential to performing the duties of office as provided in the State Travel Reimbursement Act.
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What are the OREC leadership positions?
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Chairman ; Vice Chairman.
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What is the Oklahoma Real Estate Commission Revolving Fund?
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All monies received by the Oklahoma Real Estate Commission.
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How often is the Revolving Fund audited ; by whom?
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At least once a year by the State Auditor ; Inspector.
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Can OREC sue ; be sued?
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Yes.
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Where must the OREC office be located?
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Oklahoma City, OK
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What governs OREC ; defines the procedures for OREC performance?
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Administrative Procedures Act
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What is a hearing examiner?
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Has the power ; authority to conduct such hearings in the name of the Commission.
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Where can a hearing take place?
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Any time ; place.
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Who has the burden of proof in a hearing?
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Moving Party.
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Who may engage in real estate activities?
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Licensed Real Estate Agent.
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What is a "resident referral fee"?
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A nominal fee not to exceed $100, offered to a resident for the act of recommending the property for lease to a family member, friend or coworker.
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What is the definition of "transient lodging facility"?
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A furnished room or furnished suite of rooms which is rented to a person on a daily basis, not as a principal residence, for a period less than 30 days.
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Who is exempt from real estate licensing?
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Attorney-in-fact; Attorney-at-law; Resident Manager; Person acting on behalf of a corporation or governmental body; Eminent Domain; Affordable Housing Projects.
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When will a real estate license applicant be eligible after conviction for fraud?
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10 years
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What must a licensee do if the licensee pleads nolo contendere?
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Notify the Commission in writing of the conviction within 30 days after the plea is taken.
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What are the qualifications to earn a Provisional Sales Associate License?
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1. 18 years of age or older. 2. 90 hours of real estate school
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What must a Provisional Sales Associate accomplish before expiration of their license?
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1. 45 hours of postlicense education
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What are the qualifications to earn a Brokers License?
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1. 2 years experience within the past 5 years 2. 90 hours of advanced real estate instruction
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What must any broker do if the broker charges and collects fees for services?
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Provide detailed accounting of expenditures to the person such services are performed within 10 days after the time specified to perform such services or upon written request from person for whom services are performed for, but no longer than 1 year from date of contract for such services.
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What are the terms for each type of Oklahoma Real Estate License?
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36 months with the exception of a provisional sales associate whose license term shall be fore 12 months.
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In what month does a license expire?
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The 12th or 36th month, which ever applies.
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What is the requirement for continuing education in relation to license reissue?
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21 hours or equivalent education set forth by the Commission.
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When can a licensee with a revoked license apply for a reissue?
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3 years
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Who pays the cost of the national criminal history record check?
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Paid by the applicant.
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What are the requirements for establishing a real estate office?
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1. Specific place of business 2. Comply with all local laws ;be available to the public
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Who is prohibited from participation in a real estate business?
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1. Revoked or Suspended License 2. Cancelled or surrendered license
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If a broker does not have a written agreement with a client, what is the relationship?
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Transaction Brokerage
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What can be the relationships when a broker assists only one party in a transaction?
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Disclose in writing the broker's duties & responsibilities set for in Section 858-353 PRIOR to the party(s) signing a contract to sell, lease, option or exchange real estate.
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What can be the relationships when a broker assists both parties in a transaction?
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Provide written notice to both parties that the firm is providing brokerage service to both parties to a transaction prior to the parties signing a contract to purchase, lease, option or exchange real estate.
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What duties does a broker have when a transaction is complete?
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1. Account for all monies & property relating to the transaction 2. Keep confidential all confidential information received by the broker during the broker's relationship with a party.
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When a client pays a broker, does this act establish a relationship?
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No.
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What's the relationship between the Oklahoma Real Estate License Code & the Common Law of Agency?
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OREC Code shall replace & abrogate the fiduciary duties of a broker to a party based on common law principles of agency.
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Who can use the word "agent"?
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A real estate broker & the associates of a real estate broker.
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Who must be associated with a real estate broker?
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1. Broker Associate 2. Sales Associate 3. Provisional Sales Associate
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Who may not refer to themselves as a "broker"?
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1. Broker Associate 2. Sales Associate 3. Provisional Sales Associate
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Where does OREC deposit the money paid for fines?
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Oklahoma Real Estate Education & Recovery Fund.
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If OREC fines a licensee, what is the cost range of such a fine?
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$100 - $2,000; shall not exceed $5,000
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What is the time limit to pay an OREC fine?
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Paid within 30 days.
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What can happen to a licensee's license?
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May be suspended
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After 30 days, what is the amount of the fine?
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Fines shall double
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What happens if a fine has not been paid in 60 days?
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License will automatically be revoked.
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What is a licensees duty regarding registered sex offenders or violent crime offenders?
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No duty.
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What happens when a license is issued for less than 36 months?
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Fees shall be prorated to the nearest dollar ; month.
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Who may seek relief from the Oklahoma Real Estate Education ; Recovery Fund?
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Any claimant.
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Under what conditions is a claimant eligible?
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1. An action has been filed in district court based upon a violation specified in the OREC code. 2. The cause of action accrued not more than 2 yrs prior to the filing of the action. 3. Final judgement is received by the claimant upon such action. 4. The final judgment is enforced as provided by statute for enforcement of judgment in other civil actions ; that the amount realized was insufficient to satisfy the judgment. 5. Any compensation recovered by the claimant from the judgment debtor, or from any other source for any monetary loss arising out of the cause of action, has been applied to the judgement awarded by the court.
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When is a claimant unqualified?
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1. The spouse of the judgment debtor or personal representative of such spouse. 2. A licensee who acted in their own behalf in the transaction which is the subject of the claim. 3. The claimants claim is based upon a real estate transaction in which the claimant is, through their own action, jointly responsible for any resulting monetary loss with respect to the property owned or controlled by the claimant.
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Who may apply to OREC for payment from the Oklahoma Real Estate Education ; Recovery fund?
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Any claimant who meets all of the conditions prescribed by this act may apply.
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What is the maximum amount of a potential payment, including attorney fees?
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The amount equal to the unsatisfied portion of the unsatisfied portion of the claimant's judgement or $25,000, whichever is less.
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What is the aggregate amount of payment by OREC?
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$50,000
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If the Education & Recovery Fund has insufficient money, what action may OREC take?
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Claims will be paid as funds become available.
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What happens to the license of a licensee who loses a judgment against the licensee?
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Automatically revoked.
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When may a license be reinstated after a judgement against a licensee?
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All penalties paid + 7% interest a year.
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When & for what purpose may OREC expend Education & Recovery fund money at the Commission's discretion? 858-605
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1. 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 profession 2. To underwrite educational seminars ; other forms of education projects for the benefit of real estate licensees 3. To establish real estate courses at institutions of higher learning located in the state ; accredited by the State Regents for Higher Education for the purpose of making such courses available to licensees ; the general public. 4. To contract for a particular educational project in the field of real estate to further the purposes of the Oklahoma Real Estate License Code.
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According to the Rules, what is the definition of "advertising"? 605:10-1-2
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All forms of representation, promotion ; solicitation disseminated in any manner ; by any means of communication, to include social networking, to consumers for any purpose related to licensed real estate activity.
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What is a "bona fide offer"? 605:10-1-2
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An offer in writing.
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What is a "trade name"? 605:10-1-2
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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.
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What is the time limit to appeal an OREC adverse administrative action? 605:10-1-3
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Within 30 days of notice of such action or decision, a written request for a hearing.
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What is the fee applied to a returned check for payment of a fee to OREC? 605:10-1-4
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$35 fee
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How many clock hours must a provisional sales associate candidate complete? 605:10-3-1
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45 hours
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How many clock hours must a broker candidate complete?
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21 hours
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What is the OREC requirement concerning in-class attendance?
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Must physically be present during all of the offering time ; successfully complete all course requirements to include an examination.
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For how long is a completed national criminal history record check valid? 605:10-3-2
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6 months.
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According to the Rules, what constitutes "good moral character"? 605:10-3-2
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A reputation for honesty, truthfulness, trustworthiness, good moral character, ; that he or she bears a good reputation for fair dealing.
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If OREC denies an applicant a license, what course of action can the applicant take? 605:10-3-3
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Must provide written request within 30 days of being denied.
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What is the minimum number of day's notice OREC must give before a hearing?
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10 days
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What are the requirements to obtain a broker's license? 605:10-3-4
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1. Served at least 2 years as a licensed real estate provisional sales associate within the past 5 years.
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What must an applicant do to test? 605:10-3-5
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Shall appear in person
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What is the cost for a broker examination?
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$75
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What is the cost for a provisional sales associate examination?
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$60
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Special accommodations comply with what law?
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Americans with Disabilities Act
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What must an applicant do to retest after a test failure?
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Pay fee for each test.
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What rights does an applicant have after a failed examination?
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Right to review their missed questions at the end of their examination.
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For how long is a test application valid ; from what starting date?
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1 year from the filing date.
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What percentile is considered a passing grade?
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75%
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For how long is the test result valid ; from what starting date?
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1 year from the date of examination.
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If OREC directs an examination as disciplinary action, who pays the testing fee?
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The person having to take the test.
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How does the Code define continuing education? 605:10-3-6
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Any real estate oriented education course or equivalent, hereinafter called offering(s) intended: 1. To improve the knowledge of licensees 2. To keep licensees abreast of changing real estate practices ; laws. 3. To help licensees meet the statutory requirements for license renewal
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What is the purpose of continuing education? 605:10-3-6
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To provide an educational program through which real estate licensees can continually become more competent ; remain qualified to engage in real estate activities for which they are licensed.
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Goal of continuing education is to protect consumers from what or whom?
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1. Provide licensees with opportunity for obtaining necessary current information ; knowledge which will enable them to conduct real estate negotiations ; transactions in a legal ; professional manner in order to better protect public interest. 2. To assure that the licensees are provided with current information regarding new and/or changing laws ; regulations which affect the real estate business. 3. To ensure that the consumers interest is protected from unknowledgeable licensees.
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How many hours must a licensee complete?
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Minimum of 21 hours.
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What constitutes evidence of completion?
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1. A certificate, and/or documents, statement ; forms, as may reasonably be required by the Commission OR 2. A certified transcript
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What constitutes in-class credit?
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Must physically be present during all of the offering time ; successfully complete all course requirements.
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What proves distance education credit?
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Must successfully complete all course requirements to include all modules and an examination.
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What are the limitations to course selection?
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1. A particular course offering may not be taken for continuing education credit more than once from the same entity and/or instructor during the renewal period. 2. Educational courses taken for disciplinary reasons shall not count towards the normal continuing education requirements for licensees.
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How many hours of continuing education must be from OREC directed subject matter?
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6 hours
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What are the subject areas OREC mandates for continuing education credit?
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Professional Conduct, Broker Relationships Act, Fair Housing, Contracts ; Forms, Code ; Rule Updates ; Current Issues.
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Beyond the mandated subject matter, what term is applied to the remainder of continuing education courses?
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Elective subject matter as approved by the Commission.
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What may substitute for the required subject matter, and who may complete this?
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Broker in Charge course as approved by the Commission
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Who must complete the Broker in Charge course?
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Any Broker who holds or has held a license type of Broker Manager (BM), Proprietor Broker (BP), or Branch Broker (BB) during any portion of their current license term.
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Which of the following statements best defines promulgate?
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To put a law into affect officially
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OREC has how many members?
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7
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An unlicensed person who violates real estate law may be guilty of a misdemeanor punishable by a fine of?
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Not more than $1,000.
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How many education hours are required to obtain a brokers license?
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90 hours
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Under what circumstances, if any can a broker deposit personal funds into an escrow account?
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When funds are necessary to service the account.
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Under what circumstances an a broker have an interest bearing escrow account?
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When the account is disclosed in writing to all parties and states which party receives the interest.
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A revoked license must be?
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Returned to the Commission
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What is the purpose of provisional sales associate post license education? 605: 10-3-7
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To provide an educational program through which real estate provisional sales associates licensees can become more competent, knowledgeable and perfect their ability to engage in real estate activities for which they are licensed.
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How many hours of post license education must a provisional sales associate complete, and what is the expiration date by which such training must be accomplished? 605:10-3-7
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45 hours
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Who is responsible to furnish OREC with evidence of post license completion? 605:10-3-7
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The provisional sales associate.
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What happens if a provisional sales associate fails to complete a post license course? 605:10-3-7
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Shall not be entitled to renew such license.
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Who may request an extension of time for post license course completion? 605:10-3-7
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Active military
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When may a license begin conducting real estate business? 605:10-7-1
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Must be issued your number active license certificate.
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What must an individual prove for license renewals ; reinstatement? 605:10-7-1.1
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Provide documentation to verify citizenship, qualified alien status, and eligibility under the Personal Responsibility ; Work Opportunity Reconciliation Act of 1996.
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When do all license expire, except for provisional sales associate? 605:10-7-2
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At the end of the 36 month, including the month of issuance.
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When does a provisional sales associate license expire? 605:10-7-2
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At the end of the 12th month, including the month of issuance.
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What is the cost of a brokers license? 605:10-7-2
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$210
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What is the cost of a sales associate license? 605:10-7-2
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$150
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What is the cost of a duplicate or replacement for a list or destroyed license? 605:10-7-2
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$7.50
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What additional fee is charged along with the license fee and for what purpose? 605:10-7-2
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$15 Education ; Recovery Fund Fee
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When is the actual expiration of a license? 605:10-7-2
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Midnight of the last day of the month of the designated license term.
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What is the consequence of an expired license regarding the licensee's background? 605:10-7-2
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Shall be considered an applicant & subject to a national criminal history record check.
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What is the late penalty fee for an expired license? 605:10-7-2
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$10
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By when must a renewal be filed? 605:10-7-2
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By midnight of the date on which the license is due to expire, except in the event that date falls on a Saturday, Sunday or holiday; in such case, the next Commission working day shall be considered the due date.
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What is the penalty for late filing? 605:10-7-2
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Payment of an amount equal to the current examination fee in addition to the license & late penalty fee(s) for each delinquent license period(s).
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If a license has lapsed more than 5 years, what is the status of the applicant? 605:10-7-2
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The applicant shall be regarded as an original applicant.
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What is the status of a provisional sales associate who has not successfully completed the post licensing education requirement before the expiration of their license? 605:10-7-2
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Shall not be eligible to reinstate such license & shall apply & qualify as an original applicant.
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If OREC revokes a license, how much time must pass before reinstatement can occur & what is the status of the former licensee? 605:10-7-2
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3 years from the effective date of license revocation.
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What must a licensee do to renew a license regarding continuing education? 605:10-7-2
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Must submit evidence that they have completed the continuing education requirements enumerated in Section 858-307.2 of Title 59.
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If a sales associate obtains a broker license, what happens to the unexpired time on the sales associate license? 605:10-7-2
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The fee shall be credited to the broker license fee.
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Within how many days must a licensee file with OREC of a change in name or firm? 605: 10-7-5
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10 days
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What must accompany a name change filing with the OREC?
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Return the license certificate to the Commission office along with the request for such name change.
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What is the OREC fee to change a license
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$25
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If a licensee requests a certified license history, what is the OREC fee? 605:10-7-6
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$15
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To where would a licensee's license be issued ; displayed? 605:10-7-7
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An associate's license shall be issued to 7 maintained in the office to which the associate is assigned.
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Within how many days must a new branch office broker be appointed? 605:10-7-7
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10 days
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How may a branch office use a name different than the main office? 605:10-7-7
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May use a different name as long as the broker registers the name(s) with the Commission.
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What must each broker maintain? 605:10-9-1
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Shall maintain a specific place of business, and supervise a brokerage practice which is available to the public during reasonable business hours.
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Whose licenses must a broker maintain? 605:10-9-1
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Each associate's license shall be issued to ; available upon request in the office to which the associate is assigned whether that be the main place of business or branch office.
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What does OREC say about an office in a broker's residence? 605:10-9-1
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The office may be in the residence of a broker.
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How can a broker be a broker for more than one firm at a time? 605:10-9-1
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A broker may be the broker for more than one firm so long as the firms are at the same location.
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For whom is the broker responsible? 605:10-9-1
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A broker is responsible for all real estate related activities of any unlicensed assistant working within the firm.
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What is the requirement for office identification? 605:10-9-2
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Erect & maintain a sign on or about the entrance of the office. Sign shall be easily observed & read by person about to enter the office.
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Broker office signs must have letters at least what size? 605:10-9-2
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No less than 1 inch
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When must trade names be registered? 605:10-9-3
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All names used in connection with real estate activities prior to the trade name being advertised or displayed in any way.
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What is the first requirement for advertising real estate? 605:10-9-4
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Must use their registered business trade name or the name under which the broker is licensed.
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What is the restriction regarding contact information in an advertisement? 605:10-9-4
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Must indicate that the party is a real estate broker & not a private party, to include, but not limited to, "agency", "company" , "realty", or "real estate", as the case may be.
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How may a licensee engage in social media as a Realtor? 605:10-9-4
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A licensee who is engaged in licensed activities through social networking mediums must indicate their license status & include their broker's reference as required elsewhere in this rule.
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When can a licensee place a yard sign on a property? 605:10-9-4
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Once they have secured the permission of the owner or the owner's authorized representative & said permission has a definite date of expiration.
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When & how may a licensee promote a seller incentive? 605:10-9-4
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Must have consent from the seller. The promotion only applies to the seller's particular property.
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What information must be on a yard sign?
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Name of the associate's broker
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When a licensee sells or buys real estate for him/herself, what must the licensee do? 605:10-9-4
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Disclose in writing on all documents that pertain to the transaction & in all advertisements that he or she is licensed.
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What must a licensee include on licensee purchase contract? 605:10-9-4
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Their license number.
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What happens when a licensee acts as a direct employee for an owner? 605:10-9-4
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Is not required to indicate in the advertising that he or she is licensed.
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Within how many days must a broker file a change of business address with OREC? 605:10-9-5
answer
10 days
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What is the OREC fee for a broker change of business address? 605:10-9-5
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$25
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Within how many days must a broker file a change of the broker's home address with OREC?
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10
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What's the OREC fee to change a broker's home address? 605:10-9-5
answer
$25
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With the death or disability of a broker, within how many days must advertising terminate? 605:10-9-6
answer
30 days
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All acts performed by an associate must be in the name of whom? 605:10-11-1
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Only in the name of the associate's broker.
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Who is responsible for the acts of an associate's unlicensed assistant? 605:10-11-1
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The broker.
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Who retains custody of an associate's license? 605:10-11-2
answer
Associate's broker.
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Within how many days must an associate file with OREC a change of office or firm? 605:10-11-2
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10 days
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What action with OREC must the new broker take when an associate moved? 605:10-11-2
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Broker shall be required to file a consent agreement to sponsor the associate on a form provided by the Commission.
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What is the OREC fee to change offices? 605:10-11-2
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$25
question
If a broker refuses to release an associate, what action must the associate take? 605:10-11-2
answer
Notify the broker by certified mail of the disassociation ; furnish the Commission a sworn statement that the notification has been sent to the broker.
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When an associate moves to a new broker, within what time limit can the associate continue to engage in real estate activities? 605:10-11-2
answer
May continually act if the change is done in a timely manner ; in compliance with the 10 day notification requirment.
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What is the procedure for a dissociated associate to be compensated by the prior broker? 605:10-11-2
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May pay compensation directly to the associate ; not be required to make the payment through the associate's new broker.
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Within how many days must an associate file with OREC a change in home address? 605:10-11-2
answer
10 days
question
What is the OREC fee to change a home address?
answer
$25
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Who's name must be on the account? 605:10-13-1
answer
The broker's name as it appears on eh license or trade name filed with the Commission.
question
What is time limit for depositing escrow funds? 605:10-13-1
answer
Must be deposited before the end of the 3rd banking day following acceptance of an offer by an offeree unless otherwise agreed to in writing by all interested parties.
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When may a broker disperse funds from a trust account? 605:10-13-1
answer
Until the transaction involved is consummated or terminated & proper accounting made.
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What must a broker do with regards to an interest bearing trust account? 605:10-13-1
answer
Must disclose in writing to all parties that the account bears interest & identify the party receiving the interest.
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Are brokers required by OREC to maintain a trust account? 605:10-13-1
answer
A broker shall not be required to maintain a trust or escrow account unless monies or other depositable items belonging to others are accepted by the broker & require the broker to place the monies or items in the broker's trust account.
