Penalties And Fines

Question 1

What is the administrative fine as a result of violation of code or rules of the OREC?

Answer 1

Any administrative fine as a result of violation of code or rules of the OREC shall not be less than $100 or more than $2000 for EACH violation.

Question 2

What is the maximum fine for all violations resulting from a single incident?

Answer 2

Find shall not exceed $5000 for all violations resulting from a single incident

Question 3

Who else gets fined when an agent is fined?

Answer 3

The company is also fined

Question 4

How many days do you have to pay an administrative fine?

Answer 4

30 days. All administrative fines shall be paid in 30 days

Question 5

Where do all the monies received for administrative fines get deposited into?

Answer 5

Oklahoma real estate education and recovery fund

Question 6

What are the monies in the Oklahoma real estate education and recovery fund used for?

Answer 6

Moneys in this fund shall be used to reimburse any claimant who has been awarded a judgment

Question 7

What is the limit of how much money can be in the Oklahoma real estate education and recovery fund?

Answer 7

$250,000

Question 8

At any time when the balance of the funds exceeds $250,000 what does the commission do with the excess funds?

Answer 8

The excess funds are used to promote the advancement of education in the field of real estate for the benefit of the general public and those licensed under the OREC

Question 9

What is the minimum fine for the first offense a violation of code for an UNLICENSED agent?

Answer 9

$5000 or the amount of the commission; whichever is greater