Exam (elaborations)
Oklahoma Real Estate Law Questions Solved 100% Correct
- Course
- Institution
Oklahoma Real Estate Law Questions Solved 100% Correct
[Show more]
Seller
Follow
Content preview
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller KenAli. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72841 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now