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Real Estate Exam > Oklahoma Real Estate > Flashcards

Oklahoma Real Estate Flashcards

1
Q

How does the code define real estate?

A

Shall include any interest or estate in real property. Does NOT include the interest in oil, gas, or other mineral interest.

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2
Q

Real Estate Broker

A

Shall include any person, partnership, association, or corporation, who for a fee lists, sells, offers to sell, buys, or attempts to buy, exchanges, rents, leases, or attempts to negotiate any such activity 

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3
Q

Broker associate

A

Shall include any person who is qualified for a license as a broker, and in any act, or transaction set in broker definition 

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4
Q

Real estate associate

A

Any person having renewable license, and employed or engaged by, or associated as an independent contractor with a real estate broker to do or deal in any act, acts or transaction set out in the definition of a real estate broker 

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5
Q

Provisional sales associate

A

Shall include any person who has been licensed after June 30, 1993, employed by a real estate broker to do or deal in any act, or transaction set out in the definition of real estate broker. And subject to an additional 45 hour post license educational requirement to be completed within 12 months. 

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6
Q

Licensee

A

She include any person who performs any act, acts or transaction set out in the definition of a broker and licensed under the OREC

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7
Q

Commission

A

Shall mean the Oklahoma Real Estate commission 

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8
Q

How many members does the OREC have?

A

7 Members

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9
Q

What or who regulates and issues real estate licenses in Oklahoma?

A

Oklahoma Real Estate commission
OREC 

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10
Q

What are the basic requirements to serve as a commissioner?

A

All members should be citizens and resident of the state of Oklahoma for at least three years prior to their appointment 

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11
Q

Based on occupation, how is the commission compromised?

A

-5 members shall be licensed real estate brokers with five years of active experience.
-1 member shall be a lay person, not in the real estate business 
-1 member shall be an active representative of a school of Real Estate located in OK 

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12
Q

What is the limitation regarding congressional districts?

A

No, more than 2 members shall be appointed from the same congressional district 

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13
Q

Who appoints OREC members?

A

Appointed by the governor with the advice and the consent of the Senate 

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14
Q

How long is the term of an OREC member? 

A

Terms are 4 years and until they’re successor is appointed 

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15
Q

What organization recommends candidates to serve as commissioners?

A

Oklahoma Association of realtors Inc.
OAR

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16
Q

Who can remove members of OREC and for what causes/reasons?

A

Members may be removed by the governor for inefficiency, neglect, or malfeasance in office 

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17
Q

How much does the OREC earn while serving in an OREC capacity? 

A

Travel expenses essential to performing the duties to his office 

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18
Q

What are the OREC leadership positions?

A

Chairman, vice, chairman, secretary-treasurer 

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19
Q

What is the OREC revolving fund?

A

Consist of all monies received by the OREC

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20
Q

How often is the revolving fund audited and whom?

A

Once a year and by the state auditor and inspector

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21
Q

Can the OREC sue and be sued?

A

Yes

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22
Q

Where must the OREC office be located? 

A

Oklahoma City, Oklahoma

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23
Q

What are the powers and duties of OREC?

A

1.promulgate rules 
2. Administer examinations.
3. To sell other entities, computer, testing, and license applications to recover funds.
4. Issue licenses. 

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24
Q

What are the powers and duties of OREC

A
  1. Promulgate rules
  2. Administer examinations
  3. To sell to other entities, computer testing and license applications to recover funds
  4. Issue licenses
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25
Q

What governs OREC and defined the procedures for OREC performance?

A

Administrative procedures act 

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26
Q

What is a hearing examiner?

A

Has the power and authority to conduct hearing in the name of the commission

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27
Q

Where can hearings take place?

A

Any place or time

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28
Q

Who has the burden of proof in a hearing?

A

Shall be upon the moving party

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29
Q

Who may engage in real estate activities?

A

Licensed agents

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30
Q

Who is exempt from Real Estate licensing?

A

Resident managers, attorneys, behaves on of a corp

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31
Q

What is a resident referrals fee and what is the maximum amount?

A

 fee of no more than $100 that a resident of an apartment complex receives for recommending the property

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32
Q

Transit lodging facility?

A

A furnished room in which is rented to a person on a daily basis, not as a principal residence, for a period less than 30 days 

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33
Q

Transit lodging facility?

A

A furnished room in which is rented to a person on a daily basis, not as a principal residence, for a period less than 30 days 

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34
Q

When will a real estate license applicant be eligible after conviction of fraud

A

10 years after the completion of any criminal sentence, including parole and probation 

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35
Q

When will a real estate license applicant be eligible after conviction of fraud

A

10 years after the completion of any criminal sentence, including parole and probation 

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36
Q

What must a licensed do if the licensee pleads nolo contendere?

A

Notify the commission in writing of the conviction or plea of guilty within 30 days after the plea is taken 

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37
Q

What are the qualifications to earn a provisional sales associate license?

A

90 hours of basic real estate instruction approved by the commission

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38
Q

What must a provisional sales associate accomplish before expiration of their license?

A

Additional 45 hours of clock hours in basic real estate instruction 

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39
Q

What must a provisional sales associate accomplish before expiration of their license?

A

Additional 45 hours of clock hours in basic real estate instruction 

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40
Q

What are qualifications to earn a broker license?

A

Must hold a sales associate license with two years of experience within the last previous five years with successful completion of 90 hours in advanced real estate instruction 

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41
Q

What must any broker do if the broker charges and collect fees for services?

A

Provided detailed accounting of expenditures to the person such services are performed for within 10 days after the time specified to perform

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42
Q

What are the terms for each type of OK real estate license?

A

Every license has a term of 36 months with the exception of the provisional cells associate, whose license term is 12 months 

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43
Q

In what month does a license expire?

A

At the end of 12 months for provisional
At the end of 36 months for sales associate

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44
Q

What is the requirement for continuing education in relation to license renewal?

A

Must complete required our set by the OREC

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45
Q

When can a licensee with a revoked license apply for a re-issue?

A

May not reapply for three years

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46
Q

Who pays for the cost of the national criminal history record check

A

Paid by the applicant

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47
Q

What are the requirements for establishing a real estate office?

A

Must follow the local laws and be available to the public during reasonable business hours 

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48
Q

How many ways are there to lose your license?

A

23

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49
Q

Who is prohibited from participation in real estate business?

A

No person whose license has been revoked or suspended, canceled, suspended or lapsed 

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50
Q

Single party broker:

A

A) perform the terms of the brokerage agreement
B) treat all parties to the transaction with honesty and exercise,
reasonable skill, and care 
C) be available to receive all written offer and counter offers, reduce all offers or counter offers to a written form upon request of any party to a transaction, and present timely, such written offers and counter offers
D) when an offer is made, inform in writing to the party for whom the Breker is providing services that such party will be expected to pay certain closing costs, brokerage services cost, and the approximate amount of those costs
E) the party for whom the broker is performing services informed regarding the transaction
F) timely account for all money and property received by the broker
G) confidential information received from a confidential as stated below
H) perform activities for the benefit of the party for whom the single broker is performing services
I) disclose pertaining to the property required by residential property disclosure act
J) obey specific directions for whom the broker is performing services that are not contrary to applicable statutes and rules or contrary to the terms of a contract between the parties to the transaction
K) inform the broker providing services may be vicariously liable for the acts and omissions of the broker
L) comply with all requirements of the Oklahoma Real Estate code, and all applicable statutes and rules 

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51
Q

Transaction broker:

A

Same responsibilities of a single party except for…
A) performing all brokerage activities except for the benefit of the party for whom the broker performing services
B) the specific directions of the party for whom the brokers performing services that are not contrary to law or
C) keeping the party for whom the broker is performing services informed regarding the transaction. A transaction broker does not provide services for the benefit of a party, but assist in the transaction. In addition a party for whom transaction broker is performing services is not vicariously liable for the acts or omissions of the broker 

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52
Q

What are the duties and responsibilities of a transaction broker?

A

Treat all parties with honesty, timely account for all money, keep confidential information, disclose required information, comply with OREC laws 

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53
Q

What must happen if a broker is serving as a transaction broker without a written agreement?

A

Compliance with the disclosure requirement shall be documented by the broker 

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54
Q

What can the relationships when a broker assist only one party in a transaction?

A
  1. A transaction broker without a written brokerage agreement.
  2. A transaction broker, three-way written brokerage agreement.
  3. Single party broker through a written brokerage agreement. 
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55
Q

What can the relationships be when a broker assist both parties in a transaction?

A
  1. A transaction broker for both parties.
  2. A single party broker for one party and as a transaction broker for the other party.
  3. A transaction broker where the broker has previously entered into a written brokerage agreement.
  4. To provide services as a single broker for both parties. 
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56
Q

Which relationship does not have a vicarious liability?

A

Transaction broker 

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57
Q

Which relationship does have a vicarious liability? 

A

Single party broker

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58
Q

What constitutes confidential information?

A
  1. But a party is willing to pay more or except less than what is being offered.
  2. That a party is willing to agree to financing terms that are different than those offered.
  3. The motivating factors of the party purchasing, selling, leasing, optioning or exchanging the property. 
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59
Q

What does a broker have when a transaction is complete

A

The broker owes no further duties or responsibilities to the party after termination, expiration, or completion of the performance of the transaction, except:
1. To account for all monies and property relating to the transaction; and.
2. To keep confidential, all confidential information received by the broker during the broker relationship with a party. 

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60
Q

When a client pays or promises to pay a broker, does this act establish a relationship?

A

This does not determine what relationship, if any, has been established between the broker and a party to a transaction 

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61
Q

Who can use the word agent?

A

A real estate broker and the associates of the real estate broker are permitted under provisions of this title to use the word “agent” in a trade name and as a general reference for designating themselves as real estate licensees


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62
Q

Who can use the word agent?

A

A real estate broker and the associates of the real estate broker are permitted under provisions of this title to use the word “agent” in a trade name and as a general reference for designating themselves as real estate licensees


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63
Q

Who must be associated with a real estate broker?

A

Each broker associate, sales associate, and provisional sales associate shall be associated with a real estate broker 

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64
Q

Who may not refer to themselves as a broker?

A

Associates shall not refer to themselves as a broker

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65
Q

What is the penalty for violating the code?

A

Be guilty of a misdemeanor punishable by a fine of not more than $1000, or by imprisonment in the county jail for not more than six months, or by both such fine and imprisonment

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66
Q

What is the punishment of engaging in real estate activities without a license?

A
  1. Imposing fine of not more than $5000 or the amount of the commission or commissions earned.
  2. Make application to the appropriate court for an order, joining such acts or practices, and upon showing by the commission that such person has engaged in any such acts or practices, and injunction, restraining order.
  3. Impose administrative pursuant to this subsection, which shall be enforceable in the district courts of the state.
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67
Q

What is the punishment of engaging in real estate activities without a license?

A
  1. Imposing fine of not more than $5000 or the amount of the commission or commissions earned.
  2. Make application to the appropriate court for an order, joining such acts or practices, and upon showing by the commission that such person has engaged in any such acts or practices, and injunction, restraining order.
  3. Impose administrative pursuant to this subsection, which shall be enforceable in the district courts of the state.
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68
Q

Where does the OREC deposit the money paid for fines deposited?

important

A
  • In the Oklahoma Real Estate Education and Recovery Fund
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69
Q

If the OREC fines a licensee, what is the cost range of such a fine 

A

$100 shall not exceed $2000 for each violation of this code or the rules of the commission or
B. Exceed $5000 for all violations, resulting from a single incident or transaction.

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70
Q

What is the time limit to pay an OREC fine?

A

Fines shall be paid within thirty (30) days of notification

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71
Q

What can happen to a licensees license when fined?

A

License may be suspended until any fine imposed upon the licensee by the commission is paid 

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72
Q

What happens if a fine has not been paid in 60 days?

A

The license shall automatically be revoked 

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73
Q

In what instances is a licensee not required to make disclosure in a transaction?

A

That previous occupants had a non-transmitted disease, or that a homicide, suicide, or felony took place on the property 

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74
Q

What may a purchaser do regarding psychologically impacted Real Estate

A

Advise the licensee assisting the owner, in writing, that knowledge of such factor is important to the persons decision to purchase or lease the property, the licensee shall make inquiry of the owner and report any findings to the purchaser or lessee 

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75
Q

What is a licenses duty regarding registered sex offenders or violent crime offenders?

A

Not have to disclose due to the required sex offender registry

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76
Q

If a claimant receives a judgment against an OK realtor for violating the code, who or what must pay?

A

Oklahoma Real Estate Education and Recovery fund

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77
Q

What happens when a license is issued for less than 36 months?

A

Additional fee shall be prorated to the nearest dollar and month

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78
Q

Who may seek relief from the OK Real Estate Education and Recovery fund?

A

Any claimant shall be eligible to seek recovery from the Oklahoma Real Estate education and recovery fund 

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79
Q

Under what conditions is a claimant eligible to seek relief from the education and recovery fund?

A
  1. An action has been filed in district based upon a violation specified in the Oklahoma Real Estate License code
  2. The cause of action accrued not more than two years prior to the filing of the action.
  3. At the commencement of an action, the party filing the action shall immediately notify the commission to this effect in writing and provide the commission with a file stamped copy of the petition or affidavit.
  4. Final judgment is received by the claimant upon such action.
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80
Q

When is a claimant unqualified?

A
  1. The claimant is the spouse of the judge or a personal representative of such spouse.
  2. The claimant is a licensee who acted on their own behalf in the transaction, which is the subject of the claim.
  3. The claimants claim is based upon a real estate transaction in which the claimant is through their own action, jointly responsible for any resulting monetary loss with respect to the property owned or controlled by the claimant.
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81
Q

Who may apply to OREC for payment from the OK Real Estate, education and recovery fund?

A

Any claimant to meet all of the conditions prescribed by this act may apply to the commission for payment

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82
Q

What is the maximum amount of potential payment, including attorney fees?

A

An amount equal to the unsatisfied portion of the claimants judgment, which is actual or compensatory damages. $25,000 whichever is less. The claimant is entitled to reimbursement for attorney fees, reasonably incurred in the litigation not to exceed 25% of the claimants amount approved by the commission.

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83
Q

In order to receive payment from the education and recovery fund, what must a claimant due in relation to OREC?

A

Claimant assigns the claimants right, title, and interest in that portion of the judgment to the commission, which shall be subrogated up to the amount, actually paid by the fund to the claimant or to the claimants and the claimants attorney 

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84
Q

What is the aggregate amount of payment by OREC?

A

$50,000

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85
Q

If the education and recovery fund has insufficient money, what action may OREC take?

A

Commission satisfy such unpaid claim portion thereof, as soon as a sufficient amount of money has been deposited in the fund by collecting special love you from the members of the fund of an amount not to exceed five dollars each fiscal year 

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86
Q

What happens to the license of a licensee who loses a judgment?

A

The licenses license shall automatically be revoked upon the payment of any amount from the Oklahoma Real Estate, education and recovery fund on a judgment against a licensee

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87
Q

When may a license be reinstated after a judgment against a licensee?

A

The license shall not be considered for reinstatement until the licensee has repaid in full, plus any interest at the rate of 7% a year 

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88
Q

When and for what purpose may OREC expend education and recovery fund money?

A

At the commissions discretion when funds exceed $250,000 

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89
Q

What is the primary purpose of the oklahoma real estate commission
(OREC)

A

To safeguard the public interest and provide quality services by assisting and providing resources; encouraging and requiring high standards of knowledge and ethical practices of licenses; investigating and sanctioning licensed activities; and through the prosecution of any unlicensed person who violates the “Oklahoma Real Estate licensed code and rules“

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90
Q

Who made petition the commission to amend or appeal any rule?

A

Any person may petition the commission in writing requesting a promulgation amendment or repeal of any rule

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91
Q

** important!

What is the contract forms committee?

A

Drafts and revises residential real estate, purchase contracts and any related addenda for standardization and use by real estate licenses 

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92
Q

*** important
What is the composition of the contract forms committee?

A

Consists of eleven (11) members

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93
Q

*** important

Who appoints the contract forms committee members and in what numbers ?

A

5 member shall appointed by the Oklahoma Association of realtors OAR

3 member shall be appointed by the Oklahoma Real Estate commission OREC

3 member shall be appointed by the Oklahoma Bar Association OBA

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94
Q

Contract forms committee members serve for how long?

A

The initial member term shall begin upon development of the forms and each member shall serve through the effective date of implementation of forms, plus one (1) year

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95
Q

According to the rules, what is the definition of advertising?

A

All forms of representation, promotion, and solicitation disseminated in any manner, and by any means of communication to consumers for any purpose related to licensed real estate activity 

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96
Q

What is a bona fide offer?


A

An offer in writing

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97
Q

What is a trade name?

A

The name a firm is to be known as and by which is used in advertising by the firm to promote and generate publicity for the firm. A firm may or may not do business in the name under which their license is issued, but must register with the commission all trade names used by the firm. 

98
Q

What is the time limit to appeal an OREC adverse administrative action?

A

Within 30 days of notice of such action or decision

99
Q

What is the fee applied to a returned check for payment of a fee to OREC?

A

Fee of $35 will be charged

100
Q

How many clock hours must be provisional sales associate candidate complete?

What I’m doing now.

A

90 clock hours of instruction or it’s equivalent

101
Q

How many clock hours must a broker candidate complete?

A

At least 90 clock hours of instruction 

102
Q

What is the OREC requirement concerning in class attendance?

A

A person must physically be present during all of the offering time and successfully complete all course requirements to include an examination

103
Q

According to the rules, what constitutes good moral character

A
  1. Whether the probation period given in a conviction has been completed and fully satisfied to include fines, court cost, etc.
  2. Whether the restitution ordered by a court in a criminal conviction or civil judgment has been fully satisfied.
  3. Whether a bankruptcy is Real Estate related has been discharged.
  4. Whether an applicant has been denied licensure or a license has been suspended or revoked by this or any other state or jurisdiction to practice or conduct any regulated profession, business or vocation.
104
Q

FOREC denies an applicant a license, what course of action can the applicant take?

A

Upon written request from the applicant, Feild within 30 days after receipt of such notice of denial, the commission shall set the matter for hearing

105
Q

What is the minimum number of days notice OREC must give before a hearing?

A

Within 60 days after the receipt of the applicants request

106
Q

What are the two requirements to obtain a brokers license?

A

Served two years, or it’s equivalent, as a licensed real estate provisional sales associate and or sales associate, with an under the instructions and guidance of a licensed real estate broker of this state or any other state at least 24 months within the five-year period 

107
Q

What must an applicant due to test?

A

Be required to appear in person, at a time and place to be designated by the commission, and answer questions based on their required subject matter as prescribed elsewhere in the rules of this chapter

108
Q

What is the cost of the broker examination?

A

$75

109
Q

What is the cost of for a provisional sales associate examination?

A

$60

110
Q

What must an applicant do to retest after a test failure?

A

Pay another examination fee

111
Q

What right does an applicant have after a failed examination?

A

Review test and appeal for correct grading

112
Q

What percentile is considered a passing grade?

A

75%

113
Q

For how long is the test result valid and from what starting date?

A

90 days after the day of testing

114
Q

FOREC directs an examination as disciplinary action who pays the testing fee?

A

Applicant

115
Q

How does the code define continuing education?

A

Real estate orientated, education, course or equivalent, hearien after called offerings intended
1. To improve the knowledge of licensees
2. To keep licenses abreast of changing real estate practices in laws.
3. To help licensees meet the statutory requirements for license renewal 

116
Q

What is the purpose of continuing education?

A

Provide an educational program through which real estate licensees can continually become more competent and remain qualified to engage in real estate activities for which they are licensed 

117
Q

Goal of continuing education is to protect consumers for what or whom?

A

unknowledgeable licenses

118
Q

Continuing education pertains to laws at what level of the government?

A

Federal, state and local laws and regulations which affect real estate practices

119
Q

Who is ultimately responsible to furnish OREC with documentation on completion of continuing education?

A

Individual licensees

120
Q

How many hours must a licensee complete?

A

Minimum of 21 clock hours, every three years 

121
Q

What constitutes evidence of completion?

A
  1. A certificate, and documents, statements and forms, as may reasonably be required by the commission or:
  2. A certified transcript.
122
Q

What constitutes in class credit?

A

A person must physically be present during all of the offering time and successfully complete all course requirements

123
Q

What proves distance education credit?

A

Successfully complete all course requirements to include all modules and an examination

124
Q

What are the limitations to course selection?

A

A particular course offering may not be taken for continuing education, credit more than once from the same entity and or instructor during a renewal period.

125
Q

How many clock hours of continuing education must be from OREC directed subject matter

A

12 clock hours

126
Q

What are the subject areas of OREC mandates for continuing education credit?

A

Professional conduct, broker, relationships, act, fair, housing, and current issues, including code and rule updates

127
Q

What term is applied to the remainder of continuing education courses?

A

Electives

128
Q

What is the purpose of provisional sales associate post license education?

A

Provide an educational program through which real estate provisional sales associate licenses can become more competent, knowledgeable, and perfect, their ability to engage in real estate activities for which their licensed

129
Q

How many hours of post licensed education must provisional sales associate complete?

A

45 hours before license expiration

130
Q

Who is responsible to furnish OREC with evidence of post education?

A

Each provisional sales associate

131
Q

What happens if a provisional sales associate fails to complete the post license education?

A

Not being entitled to renew such license

132
Q

Who may request an extension of time for post license course completion?

A

Active military

133
Q

When may licensee begin conducting real estate business?

A

No, Real Estate licensee shall begin operations in the real estate business without first having been issued his or her numbered license certificate 

134
Q

What must an individual proof for license renewals and reinstatement?

A

Provide documentation required for compliance necessary to verify citizenship, qualified, alien status, and eligibility under the Personal Responsibility and Work Opportunity Reconciliation Act of 1966. Failure to provide such documentation shall result in disapproval of the application. 

135
Q

When do all licenses expire except for the provisional sales associate?

A

At the end of the 36 month, including the month of issuance

136
Q

When does the provisional sales associate license expire?

A

At the end of the 12th month, including the month of issuance

137
Q

What is the cost of a broker license?

A

Fee shall be $210

138
Q

What is the cost of the sales associate license?

A

These shall be $150

139
Q

What is the cost of a duplicate replacement for a lost or destroyed license?

A

A fee of $7.50 shall be charged

140
Q

What additional fee is charged along with a license fee and for what purpose?

A

Additional $15 fee, the Education and Recovery Fund fee 

141
Q

When is the actual expiration of a license?

A

The actual expiration date of a license, shall be midnight on the last day of the month of the designated license term

142
Q

What is the late penalty fee for an expired license?

A

$10

143
Q

By when must a renewal be filed?

A

By midnight on the date on which the license is due to expire

144
Q

If a license has lapsed more than five years, what is the status of the applicant?

A

The applicant shall be regarded as an original applicant

145
Q

What is the status of a provisional sales associate who has not successfully completed the post licensing education requirement before the expiration of their license?

A

The commission will not submit a renewable sales associate license

146
Q

Within how many days must a licensee file with OREC of a change in the name of firm?

A

Must be filed in the commission office within 10 days of such a change

147
Q

What must accompany a name change filing with OREC

A

The licensee or firm shall return the license certificate to the commission along with the request for such a name change

148
Q

What is the OREC fee to change a license?

A

$25

149
Q

What is the OREC fee to change a license?

A

$25

150
Q

If a license you request a certified license history, what is the OREC fee?

A

$15

151
Q

Where would a licensees license be displayed?

A

Branch office

152
Q

Within how many days must a new branch office broker be appointed?

A

10 days

153
Q

Within how many days must a new branch office broker be appointed?

A

10 days

154
Q

How may a branch office use a name different than a main office?

A

If the branch office also utilizes, for identification and connection purposes, the name or trade name of the main office

155
Q

How may a branch office use a name different than a main office?

A

If the branch office also utilizes, for identification and connection purposes, the name or trade name of the main office

156
Q

What must each broker maintain?

A

Maintain a specific place of business

157
Q

What must each broker maintain?

A

Maintain a specific place of business

158
Q

Whose license must a broker display?

A

Broker license, as well as those of all licenses associated with a broker, must be prominently displayed in such place of business

159
Q

What is the minimum size a construction of a broker office?

A

The office shall consist of at least one enclosed room or building of stationary construction, where in negotiations and closing over real estate transactions of others may be conducted and carried on with privacy

160
Q

What does OREC say about an office in a broker residence?

A

If not contrary to local zoning ordinances

161
Q

How can a broker be a broker for more than one firm?

A

So long as the firms are at the same location

162
Q

For whom is a broker responsible?

A

All real estate related activities of any unlicensed assistant working within the firm

163
Q

What is the requirement for office identification?

A

Shall erect and maintain a sign honor about the entrance of his or her office, and all branch offices, which sign shall be easily observed, and read by persons about to enter any of said offices 

164
Q

Broker office science must have letters at least what size?

A

All letters, not less than 1 inch in height

165
Q

When must trade names be registered?

A

Prior to the trade name being advertised or displayed in anyway

166
Q

What is the first requirement for advertising Real Estate?

A

Must use his or her business trade name, or the name under which the broker is licensed

167
Q

What is the restriction regarding contact information in an advertisement?

A

No real estate advertisement shall show only a post office box number, telephone number or street address

168
Q

What must a property owner do before advertising Real Estate?

A

Given permission to the owner or the owners authorize representative and said permission has a definite date of expiration

169
Q

What must a property owner do before advertising Real Estate?

A

Given permission to the owner or the owners authorize representative and said permission has a definite date of expiration

170
Q

With how many days must be broker file a change of business address with the OREC?

A

Within 10 days of such change

171
Q

What is the OREC fee for a broker change of business address?

A

$25 for each license to be changed

172
Q

Within how many days must be broker file a change of the brokers home address with the OREC?

A

Within 10 days of such change

173
Q

Within how many days must be broker file a change of the brokers home address with the OREC?

A

Within 10 days of such change

174
Q

What is the OREC fee to change a brokers home address?

A

$25 will be charged if the change requires a new licensed to be issued

175
Q

With a death or disability of a broker, within how many days must advertising terminate

A

Within 30 days of death or disability of the broker 

176
Q

With a death or disability of a broker, within how many days must advertising terminate

A

Within 30 days of death or disability of the broker 

177
Q

All acts performed by an associate must be in the name of whom

A

Done only in the name of the associate’s broker

178
Q

All acts performed by an associate must be in the name of whom

A

Done only in the name of the associate’s broker

179
Q

Who is responsible for the act of an associates unlicensed assistant?

A

An associate who employs an unlicensed assistant is responsible in conjunction with the broker for all Real Estate activities of the unlicensed assistant

180
Q

Who is responsible for the act of an associates unlicensed assistant?

A

An associate who employs an unlicensed assistant is responsible in conjunction with the broker for all Real Estate activities of the unlicensed assistant

181
Q

Who retains custody of an associates license?

A

The associates broker 

182
Q

Within how many days must an associate file with OREC a change of office form?

A

Within 10 days

183
Q

What action with OREC must the new broker take when an associate moved?

A

Cause the license of that associate to be forwarded to the commission along with a release of association form. The broker shall make every attempt to notify the associate of the disassociation. 

184
Q

What is the OREC fee to change offices?

A

$25

185
Q

If a broker refuses to release an associate, what action must the associate take?

A

Notify the broker by certified mail of the disassociation and furnish the commission, a sworn statement that the notification has been served on the broker

186
Q

If a broker refuses to release an associate, what action must the associate take?

A

Notify the broker by certified mail of the disassociation and furnish the commission, a sworn statement that the notification has been served on the broker

187
Q

When an associate moves to a new broker, within what time limit can the associate continue to engage in Real Estate activities?

A

May act as if the change is done

188
Q

What is the procedure for a disassociated associate to be compensated by the prior broker?

A

May pay directly to the associate from the previous broker

189
Q

With an how many days must an associate file with OREC a change in-home address

A

Within 10 days of such change

190
Q

What is the OREC fee to change an associates address?

A

No fee is required to change the licenses records; however, a fee of $25 will be charged if the change requires a new license to be issued

191
Q

What criteria must apply to any financial institution where an earnest money is deposited?

A

Deposits are insured by an agency of the federal government

192
Q

Whose name must be on the bank account that holds money?

A

The broker

193
Q

What is the time limit for depositing escrow funds?

A

Before the end of the third banking day, following acceptance of an offer by an offeree

194
Q

When may a broker disperse funds from a trust account until the transaction involved is:

A

 consummated, or terminated and proper accounting made

195
Q

What is the definition of comingling?

A

May not keep any personal funds in the trust account except amounts sufficient to ensure the integrity of the account and cover any charges made by the financial institution for servicing the trust or escrow account

196
Q

What musty broker do with with regards to an interest-bearing trust account?

A

Must disclose in writing to all parties that the account bears interest and identify the party receiving the interest

197
Q

Are brokers required by OREC to maintain a trust account?

A

Not unless less monies or other deposit items belonging to others are accepted by the broker

198
Q

With whom must a broker register all trust accounts

A

Required to notify the commission in writing of all trust or escrow accounts, security, deposit accounts, rental management operating accounts, and interest bearing accounts in which trust funds are held

199
Q

With whom must a broker register all trust accounts

A

Required to notify the commission in writing of all trust or escrow accounts, security, deposit accounts, rental management operating accounts, and interest bearing accounts in which trust funds are held

200
Q

Who is responsible for a transaction settlement statement?

A

The broker

201
Q

Within what time limit must be broker “pay over “after the closing of the transaction

A

Promptly after the closing of any transaction

202
Q

What happens to earnest money when a transaction does not consummate

A

Promptly disperse the earnest money or items to the proper party in accordance with the terms of the contract

203
Q

What happens to earnest money when a transaction does not consummate

A

Promptly disperse the earnest money or items to the proper party in accordance with the terms of the contract

204
Q

After a transaction closes at terminates, for how long must a broker maintain the records?

A

A minimum of five years after consummation or termination

205
Q

How long must original trust account be maintained?

A

Two years

206
Q

How long must original trust account be maintained?

A

Two years

207
Q

If documents are transferred to alternate media, what action must be taken before the original records are destroyed

A

Quality assurance check Shelby done to ensure that every document was imaged and can be reproduced in a legible and readable condition on a display device

208
Q

What is the minimum number of alternate media copies

A

No less than two copies

209
Q

What is the minimum number of alternate media copies

A

No less than two copies

210
Q

To whom and win must an associate turnover all documents in a transaction?

A

To the broker promptly

211
Q

To whom most an associate provided a copy of all instruments in a transaction?

A

To the broker

212
Q

To whom most an associate provided a copy of all instruments in a transaction?

A

To the broker

213
Q

Is an associate permitted to open or maintain trust or escrow accounts

A

No

214
Q

What happens to escrow money/valuables in the event of a dispute prior to disbursement?

A

Until he or she has a written release from all parties consenting to its disposition or until a civil action is filed to determine it’s disposition at which time he or she may pay or return it in the court

215
Q

To whom and what form must a licensee disclose any additional compensation?

A

A licensee may receive for recommending or referring a service or product or for any beneficial interest a licensee may have any service or product provider in writing to all parties on both sides of the transaction.

216
Q

Who has primary responsibility for written disclosure?

A

His or her broker

217
Q

What form does OREC prescribe for disclosures?

A

In writing

218
Q

What form does OREC prescribe for disclosures?

A

In writing

219
Q

When must disclosures be made?

A

Either prior to, or at the time of a contract

220
Q

When must disclosures be made?

A

Either prior to, or at the time of a contract

221
Q

Who does NOT Determine what brokerage relationship exists?

A

The associated broker associates, sales associates, or provisional sales associates

222
Q

Who does NOT Determine what brokerage relationship exists?

A

The associated broker associates, sales associates, or provisional sales associates

223
Q

Who is not authorized to accept delivery of a contract between the parties unless the contract authorizes such action and this broker agrees to do so?

A

Transaction broker

224
Q

What suggestions may a transaction broker make?

A

Provide market information and data which may indicate value and may make a suggestion regarding value 

225
Q

What may a transaction broker not do

A

Advocate for either party

226
Q

What is the procedure for disclosure with regards to psychologically impacted property?

A
  1. Purchaser/lessee must be in the process of making a bona fide offer.
  2. Licensee must receive request in writing from Purchaser/lessee
  3. Purchaser/lessee’s written request must state that such factor is important to the decision of the Purchaser/lessee
  4. Licensee shall make inquiry of the owner by submitting the written request to the owner.
  5. Licenses shall report any findings to the purchaser/lessee
  6. If the owner refuses to furnish information requested, the licenses shall advise the purchaser/lessee
  7. Further if a purchaser/lessee is requesting information as to whether or not an occupant of the real estate is, or was at any time suspected to be infected, or has been infected with acquired immune deficiency syndrome, or any other disease which falls under the privacy laws, the information can only be obtained in accordance with the Public Health and Safety Statute
227
Q

What happens if a purchaser asks about a property occupant and aids?

A

The information can only be obtained in accordance with the public health and safety statute

228
Q

Does OREC establish the commission rate for Real Estate services?

A

No

229
Q

What must happen before OREC will entertain a complaint, charging a broker with failure to pay an earned commission

A

The complaining licensee submits with his or her complaint evidence that a court of competent jurisdiction has ruled in his or her favor relative to the subject and awarded judgment against the broker 

230
Q

What must happen before OREC will entertain a complaint, charging a broker with failure to pay an earned commission

A

The complaining licensee submits with his or her complaint evidence that a court of competent jurisdiction has ruled in his or her favor relative to the subject and awarded judgment against the broker 

231
Q

Who may file a complaint alleging misconduct against a licensee?

A

Any person

232
Q

Who may file a complaint alleging misconduct against a licensee?

A

Any person

233
Q

If an OREC form is not used to file a complaint, what must the document have?

A

Form must be notarized by a notary public

234
Q

***important

In how many days and and what form does a licensee have to respond to the complaint?

A

File an adequate written response within 15 days of the notice

235
Q

What is the minimum number of days notice for an OREC format hearing

A

At least 15 days written notice

236
Q

Where do OREC form hearing take place?

A

Shelby set at such time and place as the commission through its secretary- treasurer may prescribe

237
Q

What is the time limit to request a formal hearing postponement?

A

72 hours prior to the hearing

238
Q

When shall a formal hearing not be in public?

A

Except that upon motion of either party

239
Q

When shall a formal hearing not be in public?

A

Except that upon motion of either party

240
Q

Who documented the procedure of an OREC formal hearing?

A

A court reporter

241
Q

What is substantial misrepresentation?

A
  1. The recommendation or use by a licensee of a fictitious or false instrument for the purpose of inducing any lender or government agency to loan or ensure any sum of money.
  2. Failure to disclose to a buyer or other cooperative, licensee or company a known material defect regarding the condition of a parcel of real estate of which a broker or associate has knowledge.
  3. Use by a real estate broker of the name or name of a licensee whose license has been revoked or currently on suspension.

Real Estate Exam (3 decks)

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