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Oklahoma Real Estate Law Questions Solved 100% Correct
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Oklahoma Real Estate Law Questions Solved 100% Correct
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Oklahoma Real Estate Law QuestionsSolved 100% Correct
When can the broker release the money? - Answer After 15 days
when must the Oklahoma broker deposit received escrow funds into the trust account?
- Answer Within three banking days of receipt
In the event the responsible broker is unable to maintain the funds and/or
pending contracts when ceasing real estate activities - Answer they may be
transferred to another authorized broker, entity or legal representative until the
transaction is completed and funds have been properly disbursed.
Broker Relationships Act - Answer The duties and responsibilities of a broker specified in
this act replace and abrogate the fiduciary or other duties of a broker to a party based
on common law principles of agency.
Who needs a license? - Answer Any person who performs any real estate activities for
another person, advertises, holds him/herself out as a real estate broker or sales
associate, or receives compensation for performing these activities with regard to real
estate must have an Oklahoma real estate license.
Oklahoma Real Estate Commission - Answer The primary purpose is to safeguard the
public interest- to protect the public against certain illegal or unethical practices.
The state statues of Oklahoma are known as - Answer the Oklahoma Real Estate
License Code.
Oklahoma Commission Structure - Answer 7 members
5 licensed brokers, each with at least 5 years' experience
, 1 member from a real estate school that is housed in OK and has been approved by
the Commission
1 member - unlicensed - from the general public
- The term served is 4 years
Compensation - Answer Each member of the Commission is entitled to receive
travel expenses essential to performing office duties, as provided in the State Travel
Reimbursement Act.
Oklahoma Real Estate Revolving Fund - Answer A fund created by the Treasury which
consists of all monies received by the Commission, except Education and Recovery
Fund fees.
What is the maximum fine the Commission can impose on a licensee who violates
the Code? - Answer -$2000 for each violation
-$5000 for all violations resulting from a single incident
-All fines must be paid within 30 days of the licensee receiving notification.
Education and Recovery Fund - Answer -Fees for new
licenses -Fees for license renewals
-Interest and dividends from securities investments
-Monies generated at the time of securities redemptions
-The fee is $15.00 for brokers and sales associates and $5.00 for provisional sales
associates.
Contract Forms Committee - Answer The committee is made up of eleven (11)
members:
Three (3) members are appointed by the Oklahoma Real Estate Commission.
Three (3) members are appointed by the Oklahoma Bar Association.
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