OREC Laws & Rules Flashcards
(45 cards)
A new licensee used a fictions instrument for the purpose of inducing a lender to loan money on the house she was selling. This violation would be characterized best as:
Substantial misrepresentation
Which of the below is true in relationship to the OREC duties in regards to commission rates charged by brokers:
The commission shall not establish the rate of commissions to be charged for real estate services and shall have no interest therein
Which of the following is not required of an applicant who is seeking to receive their provisional sales associate license?
A. PASSING THE STATE EXAM AT 80% OR HIGHER
B. Appearing in person for the state examination
C. Making application on forms provided by the commission
D. Submitting a completed citizenship verification form with corresponding evidence of citizenship
The fine for practicing real estate without a license is:
$5,000 or the commission whichever is greater
Which of the following is not required to have a real estate license to perform some very limited real estate activities?
A. Owner
B. ATTORNEY AT LAW
C. Attorney in fact
D. All of the above
A provisional sales associate must successfully complete a 45 hour post license course during:
First year of licensure
A real estate licensee told her potential buyer that she could guarantee that if the buyer brought this house “it would appreciate at least 10% in the next five years” this action would be:
Be a violation of the license code and rule and punishable by license revocation
A listing broker received an invoice from an anonymous source showing payment from his seller to a foundation repair company for the installment of three piers on the seller’s home that is scheduled to close in just 3 days. The seller has owned the property for 7 years and the Disclose the information to the buyers salesperson and buyer since the seller failed to do so pricing invoice was just 2 yrs ago. The seller did not disclose the structural repair on the seller’s disclosure but the listing associate did confirm that the invoice was actual. The listing associate should:
Disclose the information to the buyers salesperson and buyer since the seller failed to do so
A licensee just listed a property next to a home where a registered sex offender lives. The licensee has the duty of:
Not disclosing to potential buyers the fact that a sex offender lives next door
Which of the following is NOT a power and duty of the OREC?
To hold examinations of persons who shall apply for the issuance of licenses to them, and to promulgate such rules and regulations as it may deem proper
To cause the prosecution of any person who violates any of the provisions of the code
C. To serve as a board of arbitration to settle disputes among brokers, associates, or clients, or between any two of them
To issues licenses to persons who have passed examinations and who otherwise meet license requirements
If a broker and one of his associates has a dispute over a sales commission that cannot be settled by other means, they should:
Bring action in an appropriate court
In order to renew an active real estate sales associate or brokers license, the active licensee must complete:
21 hrs cont. ed
Any change of name of a licensee or a licensed firm must be filed with the OREC’s office within:
10 days
Each real estate office shall erect a sign:
A. On or about the office enter an e name
B. Noticeable by the public
C. Which contains the company name
D. All of the above
An active associate transferring from one broker to a new broker
May continually conduct business with the new broker if the change is done in a timely manner
When an associate changes his/her home address:
He/she must notify OREC within 10 days
A brokers trust account is used
To deposit all money belonging to others
When placing earnest deposits in the operating account of a company, the broker
Is guilty of commingling
Emily, a real estate sales associate, sold a property late one Friday evening. She obtained a $4,000 cash earnest deposit. Emily was afraid of losing the money over the weekend so she made a night deposit into her personal checking account. This action would most closely relate to:
Commingling
The OREC, in relationship to the Oklahoma Residential Property Condition Disclosure Act, has jurisdiction over which one below?
Any Oklahoma Real Estate licensee involved in the sale
Which of the following is not a power and duty of the OREC?
To hold examinations of persons who shall apply for the issuance of licenses to them, and to promulgate such rules and regulations as it may deem proper
To discipline licensees who have been deemed guilty of OREC violations
C. To set commission rates that brokers must follow
To issues licenses to persons who have passed examinations and who otherwise meet license requirements
If a broker and one of his associates has a disputes over a sales commission that cannot be settled by other means, they should
Bring action in an appropriate court
Which of the following does OREC not have the power to do?
Place an offending licensee on probation or issue a reprimand
Suspend or revoke any license issued by it
C. Impose a jail sentence
Require an licensee to obtain further education
When one becomes licensed to sell real estate in the state of Oklahoma, it is incumbent upon the licensee that they disclose their licensed status to the public in reference to their own personal real estate transactions:
A licensee always has to disclose their licensed status to the public
