Chapter 3 Flashcards
1
Q
What is the fundamental and primary purpose of OREC?
A
To safeguard the public interest through:
- encouraging & requiring high standards of knowledge
- encouraging ethical practices
- disciplining licensees who engage in dishonest, fraudulent or criminal activities
- prosecuting any person who violates the Code.
2
Q
How many Commissioners and how long do they serve? Who appoints them?
A
- 7 commissioners (1 is a non-real estate holder & 1 a teacher)
- four year terms
- appointed by governor
3
Q
What jurisdiction does the OREC have?
A
Only to licensees
4
Q
What does the OREC do with all administrative fines?
A
Deposited into the Oklahoma Real Estate Education and Recovery Fund.
