Quiz – Oklahoma Real Estate
Commission (License) Code and Rules
Debbie, a real estate licensee, used a fictitious instrument for the purpose of inducing a
lender to loan money on the house she was selling. Debbie's violation would be
considered - answer substantial misrepresentation
Which of the following is not a prohibited act for licensees in Oklahoma? - answer
refusing to list a seller's home because he wants to grossly over price it
A team is any two or more licensees who work under the supervision of the same
broker, work together on real estate transactions to provide brokerage services and: -
answerrepresent themselves to the public as being part of a team and are designated
by a team name
Chance and Buster are best friends and are considering purchasing a particular listing
located on Will Rogers Blvd. for an investment. In conversations with the neighbors,
Chance and Buster were told the home property is haunted due to a triple homicide that
occurred there. Chance and Buster probably would still buy the home because they
aren't superstitious, but would like to know more. They should: - answermake a written
request to be delivered to the seller to inquire of the homicide rumor
Which of the following is not a prohibited act for licensees in Oklahoma? -
answerperforming services for another broker with permission from your broker
If a licensee takes a listing of a home where a recent suicide occurred: - answerthere is
no duty on the seller to respond to inquiries or disclose any information
Which of the following is a prohibited act for licensees in Oklahoma? - answerfailure of
an associate to make known any interest that you as a licensee has in a property that
you are attempting to market
What is the major purpose of the Oklahoma Real Estate Education and Recovery Fund:
- answerTo provide continuing education programs for all licensees IN reimburse
Which of the following is not a reason for having your license revoked? -
answerknocking doors of "For-Sale-By-Owners" without an appointment
The primary purpose of the existence of the OREC is: - answerthe protection of the
public
, Which of the following is usually exempt from needing a real estate license: -
answerOwners of real estate handling their own property
When a licensee has been notified by the Commission of a complaint by the public and
the OREC requests records and a response from the licensee, how many days does the
licensee have before they must respond. - answer15 days
Which of the following is a reason for you to have your license revoked? -
answerguarantying future profits or values in a real estate transaction
Under the Statute of Frauds, all contracts for the sale of real estate must be in writing to
be enforceable in court. The principal reason for this statute is to: - answerprevent
perjury and fraudulent proof of a fictitious oral contract
Oklahoma Code and Rules dictates that an Earnest Money deposit must be: -
answerdeposited by the end of the third banking day following completion of a firm
contract
A broker's trust account is used: - answerfor the deposit of all monies belonging to
others
Brokers can be censured for commingling funds if they deposit earnest money in
anything other than: - answerseparate checking accounts designated as trust accounts
The Oklahoma Real Estate Commission has the right and power: - answerto request
records and files of a licensee suspected of violation of the Code and Rules
If a broker and an associate have a dispute over a sales commission that cannot be
settled by other means, they should: - answerbring action in an appropriate court
Which of the following is not a reason to have your license revoked? - answershowing
property before 9:00 am in the morning or after 9:00 pm in the evening
Which of the below is NOT required of an applicant who is seeking to receive their
provisional sales associate license: - answerpassing the state exam at 80% or higher
Sally told her potential buyer that she could guarantee that if the buyer bought "this
house" it will appreciate at least 10% in the next 5 years. Sally is: - answerguilty of a
violation that is punishable by having her licensed revoked
The fine for practicing real estate without a license is: - answer$5,000 or the
commission whichever is greater
Which of the following is not a reason to have your license revoked ? - answerrefusing
to work specific hours that your broker has laid out
Commission (License) Code and Rules
Debbie, a real estate licensee, used a fictitious instrument for the purpose of inducing a
lender to loan money on the house she was selling. Debbie's violation would be
considered - answer substantial misrepresentation
Which of the following is not a prohibited act for licensees in Oklahoma? - answer
refusing to list a seller's home because he wants to grossly over price it
A team is any two or more licensees who work under the supervision of the same
broker, work together on real estate transactions to provide brokerage services and: -
answerrepresent themselves to the public as being part of a team and are designated
by a team name
Chance and Buster are best friends and are considering purchasing a particular listing
located on Will Rogers Blvd. for an investment. In conversations with the neighbors,
Chance and Buster were told the home property is haunted due to a triple homicide that
occurred there. Chance and Buster probably would still buy the home because they
aren't superstitious, but would like to know more. They should: - answermake a written
request to be delivered to the seller to inquire of the homicide rumor
Which of the following is not a prohibited act for licensees in Oklahoma? -
answerperforming services for another broker with permission from your broker
If a licensee takes a listing of a home where a recent suicide occurred: - answerthere is
no duty on the seller to respond to inquiries or disclose any information
Which of the following is a prohibited act for licensees in Oklahoma? - answerfailure of
an associate to make known any interest that you as a licensee has in a property that
you are attempting to market
What is the major purpose of the Oklahoma Real Estate Education and Recovery Fund:
- answerTo provide continuing education programs for all licensees IN reimburse
Which of the following is not a reason for having your license revoked? -
answerknocking doors of "For-Sale-By-Owners" without an appointment
The primary purpose of the existence of the OREC is: - answerthe protection of the
public
, Which of the following is usually exempt from needing a real estate license: -
answerOwners of real estate handling their own property
When a licensee has been notified by the Commission of a complaint by the public and
the OREC requests records and a response from the licensee, how many days does the
licensee have before they must respond. - answer15 days
Which of the following is a reason for you to have your license revoked? -
answerguarantying future profits or values in a real estate transaction
Under the Statute of Frauds, all contracts for the sale of real estate must be in writing to
be enforceable in court. The principal reason for this statute is to: - answerprevent
perjury and fraudulent proof of a fictitious oral contract
Oklahoma Code and Rules dictates that an Earnest Money deposit must be: -
answerdeposited by the end of the third banking day following completion of a firm
contract
A broker's trust account is used: - answerfor the deposit of all monies belonging to
others
Brokers can be censured for commingling funds if they deposit earnest money in
anything other than: - answerseparate checking accounts designated as trust accounts
The Oklahoma Real Estate Commission has the right and power: - answerto request
records and files of a licensee suspected of violation of the Code and Rules
If a broker and an associate have a dispute over a sales commission that cannot be
settled by other means, they should: - answerbring action in an appropriate court
Which of the following is not a reason to have your license revoked? - answershowing
property before 9:00 am in the morning or after 9:00 pm in the evening
Which of the below is NOT required of an applicant who is seeking to receive their
provisional sales associate license: - answerpassing the state exam at 80% or higher
Sally told her potential buyer that she could guarantee that if the buyer bought "this
house" it will appreciate at least 10% in the next 5 years. Sally is: - answerguilty of a
violation that is punishable by having her licensed revoked
The fine for practicing real estate without a license is: - answer$5,000 or the
commission whichever is greater
Which of the following is not a reason to have your license revoked ? - answerrefusing
to work specific hours that your broker has laid out
