Exam (elaborations)
OKLAHOMA REAL ESTATE PORTION /PSI REAL ESTATE TEST
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OKLAHOMA REAL ESTATE PORTION /PSI REAL ESTATE TEST
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OKLAHOMA REAL ESTATE PORTION /PSI REALESTATE TEST
The Oklahoma Real Estate License Code and Rules as of November 1, 2016 - Answers
-Code
any person, partnership, association or corporation who for a fee lists, sells, offers to
buy, exchange, rents, or leases real estate - Answers -Real Estate Broker
Any person who has qualified for a license as a broker and who is acting on behalf of
the broker - Answers -Broker Associate
any person having a renewable license and working for a real estate broker - Answers -
Real Estate Sales Associate
Any person who has been licensed after June 30, 1993, and working for a real estate
broker and subject to an additional 45 clock-hour post-licensing educational requirement
to be completed within the twelve-month license term - Answers -Provisional Sales
Associate
to officially put a law into effect - Answers -Promulgate
The Oklahoma Real Estate Commission (OREC) has been re-created to continue until
July 1, 2017 and is in accordance with what Laws? - Answers -OREC is in accordance
to the State's Sunset Law provisions
OREC consists of how many members? - Answers -It consists of 7 members
What authority does OREC have? - Answers -OREC has the authority to REGULATE
and ISSUE Real Estate Licenses
T/F
All members of OREC must be members of the United States - Answers -TRUE
All members of OREC MUST be citizens of the United States
All members must be residents of that state for how many years before before they can
be appointed? - Answers -All members MUST LIVE IN THE STATE FOR 3 YEARS
before they can be appointed
How many members of the OREC must be licensed Real Estate Brokers? - Answers -5
members must be licenses RE brokers
, How many years of active experience do the RE brokers have to have before
appointment? - Answers -To be appointed, these OREC members MUST have had 5
years of ACTIVE Broker experiences before being appointed
T/F
2 People must be a lay person not in the RE business - Answers -FALSE
1 person in OREC has to be lay and have had no experience in Real Estate
How many members of the OREC must be an active representative of a school of real
estate located within the State of Oklahoma? - Answers -ONE (1) person
e.g. Charles Barnes
How many members can be appointed from the same congressional district? - Answers
-NO MORE THAN 2 per Congressional District
Who are the members of OREC appointed BY? - Answers -OREC members are
appointed by the Governor with the advice and consent of the Senate
How long is an OREC term? - Answers -An OREC member has a serving term for 4
years
T/F
Members of the OREC are entitled to receive Travel Expense Reimbursement -
Answers -TRUE
They are reimbursed for travel expenses
OREC has the LEGAL STATUS and MANDATE to do what? - Answers -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
OREC has the authority and duty to perform what acts or tasks? - Answers -OREC has
the authority to perform:
-Promulgate Rules, prescribe administrative fees, and make rules necessary to perform
of its duties
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