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OK RE CODES 1

QuestionAnswer
OREC Oklahoma Real Estate Commission
The Oklahoma real estate commission OREC Is under the Sunset Law which requires the State legislature to review per how many years Five years
All members of OREC must be citizens of US and residents of OK for Three years
OREC commissioner is appointed by Governor
Once confirmed by the Senate, the Commissioner serves for Four years
Members of OREC are paid Travel expenses only
The fine for practicing Real estate with out a license is $5000 of the commission which ever is higher
The OREC will consist of how many members Seven
Of the seven members how many are RE brokers Five
Of the 7 members of OREC, 5 are brokers what are other 2 1 layman not in RE business and 1 active representative of School of RE
A RE licensee may be fined no more than _______ for all violations for a single incident $5000
A violation of OK RE Codes and rules is Misdemeanor
The OREC maintains a standing committee to draft and review residential purchase Contracts
A residential referral fee may be no more than 100
The provisional sales associate license is good for One year
In which city is OREC located Okc
A provisional SA must complete a 45 hour post license corse with in One year
With exception of the entry level provisional SA license, a OK RE license is good for how many years 3
A broker license is good for how many years 3
To exercise its powers and duties, the OREC must comply with the act Administrative Procedures Act
In order to renew active SA or broker license, one must complete a _____ hours of continuing education 21
OREC requires proprietary brokers a specific place of business which Is available to public during reasonable business hours
When OREC fines a licensee for a violation, how many days to pay before fine doubles 30
Concerning the Sex Offenders Registration Act , the OREC code Imposes no duty of licensee to disclose information about sex offenders
According to OREC Rules, the primary purpose of OREC is to Safe guard public interest Provide quality service by providing resources Investigating and sanctioning license activities
Created by: Jennifer Keever
 

 



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