Charles Barnes (2025-2026) Test
Exam with Correct Verified and Well
Analyzed Answers Graded A+
How does the Code define Real Estate???
Any interest or estate in real property, within or without the State of
Oklahoma, whether vested, continent or future, corporeal or
incorporeal, freehold or nonfreehold, and including leaseholds,
options and unit ownership estates to include condominiums, time-
shared ownerships and cooperatives; provided, however, that the
term "real estate" show not include oil, gas or other mineral interests,
or oil, gas or other mineral leases; and provided further, that the
provisions of this Code shall not apply to any oil, gas or mineral
interest or lease or the sale, purchase or exchange thereof
How does the Code define Real Estate Broker?
Any person, partnership, association or corporation, foreign or
domestic, who for a fee, commission or other valuable consideration,
lists, sells or offers to sell, buy or offers to buy, exchanges, rents or
leases any real estate, or who negotiates or attempts to negotiate any
such activity, or solicits listing of places for rent or lease, or solicits
for prospective tenants, purchasers or sellers, or who advertises or
holds himself out as engaged in such activites
How does the Code define Broker associate?
Any person who has qualified for a license as a broker and who is
employed or engaged by, associated as an independent contractor
with, or on behalf of, a broker to do or deal in any act, acts or
transaction set out in the definition of a broker.
How does the Code define Real Estate Associate?
Any person having a renewable license and employed or engaged by,
or associated as an independent contractor with, or on behalf of, a
real estate broker to do or deal in any act, acts or transactions set out
in the definition of a real estate broker.
,How does the Code define Provisional Sales Associate?
Any person who has been license after June 30, 1993, employed or
engaged by, or associated as an independent contractor with, or on
behalf of, a real estate broker to do or deal in any act, acts or
transactions set out in the definition of a real estate broker and
subject to an additional 45 hour postlicensing educational
requirement to be completed within the 12 month license term.
What is the definition of a Licensee?
Any person who performs an act, acts or transactions set out in the
definitions of a broker and licensed under the Oklahoma Real Estate
License Code.
What is the Commission?
The Oklahoma Real Estate Commission.
How does the Code define "person"?
Every individual, partnership, association or corporation, foreign or
domestic.
The Oklahoma Real Estate Commission has how many members?
7
What or who regulates & issues real estate licenses in Oklahoma?
The Commission
What are the basic requirements to serve as a Commissioner?
1. US Citizen.
2. Oklahoma resident for at least 3 years (all members).
3. 5 years active experience as a real estate broker & be engaged full
time in the brokerage business. (5 members).
4. Lay person no in the real estate business (1 member).
5. Active representative of a school of real estate (1 member).
Based on occupation, how is the Commission compromised?
5 real estate members
1 lay person not in the real estate business
1 active representative of a school of real estate
What is the limitation regarding Congressional Districts?
No more than 2 members from the same congressional district.
, Who appoints OREC Members?
The Governor with the advice & consent of the Senate.
How long is the term of an OREC member?
4 years
What organization recommends candidates to serve as
Commissioners?
The Oklahoma Association of Realtors, Incorporated.
Who can remove members of OREC and for what causes/reasons?
The Governor. For inefficiency, neglect of duty, or malfeasance in
office.
How much do OREC Commissioner's earn while serving in an OREC
capacity?
Travel expenses essential to performing the duties of office as
provided in the State Travel Reimbursement Act.
What are the OREC leadership positions?
Chairman & Vice Chairman.
What is the Oklahoma Real Estate Commission Revolving Fund?
All monies received by the Oklahoma Real Estate Commission.
How often is the Revolving Fund audited & by whom?
At least once a year by the State Auditor & Inspector.
Can OREC sue & be sued?
Yes.
Where must the OREC office be located?
Oklahoma City, OK
What are the powers & duties of OREC?
What governs OREC & defines the procedures for OREC
performance?
Administrative Procedures Act
What is a hearing examiner?
Has the power & authority to conduct such hearings in the name of
the Commission.
Exam with Correct Verified and Well
Analyzed Answers Graded A+
How does the Code define Real Estate???
Any interest or estate in real property, within or without the State of
Oklahoma, whether vested, continent or future, corporeal or
incorporeal, freehold or nonfreehold, and including leaseholds,
options and unit ownership estates to include condominiums, time-
shared ownerships and cooperatives; provided, however, that the
term "real estate" show not include oil, gas or other mineral interests,
or oil, gas or other mineral leases; and provided further, that the
provisions of this Code shall not apply to any oil, gas or mineral
interest or lease or the sale, purchase or exchange thereof
How does the Code define Real Estate Broker?
Any person, partnership, association or corporation, foreign or
domestic, who for a fee, commission or other valuable consideration,
lists, sells or offers to sell, buy or offers to buy, exchanges, rents or
leases any real estate, or who negotiates or attempts to negotiate any
such activity, or solicits listing of places for rent or lease, or solicits
for prospective tenants, purchasers or sellers, or who advertises or
holds himself out as engaged in such activites
How does the Code define Broker associate?
Any person who has qualified for a license as a broker and who is
employed or engaged by, associated as an independent contractor
with, or on behalf of, a broker to do or deal in any act, acts or
transaction set out in the definition of a broker.
How does the Code define Real Estate Associate?
Any person having a renewable license and employed or engaged by,
or associated as an independent contractor with, or on behalf of, a
real estate broker to do or deal in any act, acts or transactions set out
in the definition of a real estate broker.
,How does the Code define Provisional Sales Associate?
Any person who has been license after June 30, 1993, employed or
engaged by, or associated as an independent contractor with, or on
behalf of, a real estate broker to do or deal in any act, acts or
transactions set out in the definition of a real estate broker and
subject to an additional 45 hour postlicensing educational
requirement to be completed within the 12 month license term.
What is the definition of a Licensee?
Any person who performs an act, acts or transactions set out in the
definitions of a broker and licensed under the Oklahoma Real Estate
License Code.
What is the Commission?
The Oklahoma Real Estate Commission.
How does the Code define "person"?
Every individual, partnership, association or corporation, foreign or
domestic.
The Oklahoma Real Estate Commission has how many members?
7
What or who regulates & issues real estate licenses in Oklahoma?
The Commission
What are the basic requirements to serve as a Commissioner?
1. US Citizen.
2. Oklahoma resident for at least 3 years (all members).
3. 5 years active experience as a real estate broker & be engaged full
time in the brokerage business. (5 members).
4. Lay person no in the real estate business (1 member).
5. Active representative of a school of real estate (1 member).
Based on occupation, how is the Commission compromised?
5 real estate members
1 lay person not in the real estate business
1 active representative of a school of real estate
What is the limitation regarding Congressional Districts?
No more than 2 members from the same congressional district.
, Who appoints OREC Members?
The Governor with the advice & consent of the Senate.
How long is the term of an OREC member?
4 years
What organization recommends candidates to serve as
Commissioners?
The Oklahoma Association of Realtors, Incorporated.
Who can remove members of OREC and for what causes/reasons?
The Governor. For inefficiency, neglect of duty, or malfeasance in
office.
How much do OREC Commissioner's earn while serving in an OREC
capacity?
Travel expenses essential to performing the duties of office as
provided in the State Travel Reimbursement Act.
What are the OREC leadership positions?
Chairman & Vice Chairman.
What is the Oklahoma Real Estate Commission Revolving Fund?
All monies received by the Oklahoma Real Estate Commission.
How often is the Revolving Fund audited & by whom?
At least once a year by the State Auditor & Inspector.
Can OREC sue & be sued?
Yes.
Where must the OREC office be located?
Oklahoma City, OK
What are the powers & duties of OREC?
What governs OREC & defines the procedures for OREC
performance?
Administrative Procedures Act
What is a hearing examiner?
Has the power & authority to conduct such hearings in the name of
the Commission.
