OKLAHOMA REAL ESTATE EXAM
How does the code Define Real Estate? - correct answer Shall Include any
interest or estate in real property. Does NOT include the interest of oil, gas or
other mineral interest
Real Estate Broker - correct answer Shall include any person , Partnership,
association, or cooperation, who for a fee lists, sells, offers to sell, buys, or
attempts to buy, exchanges, rents, leases, or attempts to negotiate any such
activity
Broker Associate - correct answer Shall include any person who is qualified for a
license as a broker and in any act, or transaction set in in broker definition
Real Estate Associate - correct answer Any person having renewable license and
employed or engaged by, or associated as and independent contractor with a real
estate broker to do or deal in any act, acts or transactions set out in the definition
of real estate broker
Provisional Sales associate - correct answer 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 transactions 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
Licensee - correct answer Shall include any person who performs any act, acts or
transactions set out in the definition of a broker and licensed under the OREC
Commission - correct answer Shall Mean the Oklahoma Real estate Commission
Person - correct answer Shall Include and mean every individual, partnership,
Association or corporation, foreign and domestic.
,How Many Members does the OREC Have? - correct answer 7 Members
What or who Regulates and issues real estate licenses in OK - correct answer
Oklahoma Real Estate Commission
What are the basic requirements to serve as a commissioner - correct answer All
members should be citizens and resident of the state of OK for at least three
years prior to their appointment.
Based on the occupation, how is the commission compromised - correct answer
5 members Shall be licensed real estate brokers with 5 years of active experience.
1 member shall be a lay person not in the real estate business. and 1 member
shall be an active representative of a school of real estate located in OK.
What is the limitation regard congressional districts - correct answer No more
than 2 members shall be appointed from the same congressional district.
Who appoints OREC Members - correct answer Appointed by the Governor with
the advice and the consent of the senate
How long is the term of an OREC member - correct answer Terms are 4 years and
until their successor is apponted
What organization recommends candidates to serve as commissioners - correct
answer Oklahoma Association of realtors, INC
Who can remove members of OREC and for what causes/reasons - correct
answer Members may be removed by the Governor, For inefficiency, neglect, or
malfeasance in office int eh manner provided by law
How much does the OREC earn while serving in an OREC capacity - correct
answer Travel expenses essential to performing the duties to his office
, What are the OREC Leadership positions - correct answer Chairman, Vice
chairman, secretary- treasurer,
What is the OREC revolving fund - correct answer Consist of all monies received
by the OREC
How often in the revolving fund audited and by whom? - correct answer once a
year and by the state auditor and inspector
Can OREC Sue an be Sued - correct answer yes
Where must the OREC office be located - correct answer Oklahoma city, Ok
What are the powers and duties of OREC - correct answer 1.promulgate rules
2.administer examinations
3. to sell to other entities, computer testing and license applications to recover
funds.
4. issue licenses
5.
more stuff 858-208
What governs OREC and defines the procedures for OREC performance - correct
answer Administrative procedures act
What is a hearing examiner - correct answer Has the power and authority to
conduct hearing in the name of the commision
Where can hearings take place - correct answer any time or place
Who has the burden of proof in a hearing - correct answer Shall be upon the
moving party
How does the code Define Real Estate? - correct answer Shall Include any
interest or estate in real property. Does NOT include the interest of oil, gas or
other mineral interest
Real Estate Broker - correct answer Shall include any person , Partnership,
association, or cooperation, who for a fee lists, sells, offers to sell, buys, or
attempts to buy, exchanges, rents, leases, or attempts to negotiate any such
activity
Broker Associate - correct answer Shall include any person who is qualified for a
license as a broker and in any act, or transaction set in in broker definition
Real Estate Associate - correct answer Any person having renewable license and
employed or engaged by, or associated as and independent contractor with a real
estate broker to do or deal in any act, acts or transactions set out in the definition
of real estate broker
Provisional Sales associate - correct answer 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 transactions 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
Licensee - correct answer Shall include any person who performs any act, acts or
transactions set out in the definition of a broker and licensed under the OREC
Commission - correct answer Shall Mean the Oklahoma Real estate Commission
Person - correct answer Shall Include and mean every individual, partnership,
Association or corporation, foreign and domestic.
,How Many Members does the OREC Have? - correct answer 7 Members
What or who Regulates and issues real estate licenses in OK - correct answer
Oklahoma Real Estate Commission
What are the basic requirements to serve as a commissioner - correct answer All
members should be citizens and resident of the state of OK for at least three
years prior to their appointment.
Based on the occupation, how is the commission compromised - correct answer
5 members Shall be licensed real estate brokers with 5 years of active experience.
1 member shall be a lay person not in the real estate business. and 1 member
shall be an active representative of a school of real estate located in OK.
What is the limitation regard congressional districts - correct answer No more
than 2 members shall be appointed from the same congressional district.
Who appoints OREC Members - correct answer Appointed by the Governor with
the advice and the consent of the senate
How long is the term of an OREC member - correct answer Terms are 4 years and
until their successor is apponted
What organization recommends candidates to serve as commissioners - correct
answer Oklahoma Association of realtors, INC
Who can remove members of OREC and for what causes/reasons - correct
answer Members may be removed by the Governor, For inefficiency, neglect, or
malfeasance in office int eh manner provided by law
How much does the OREC earn while serving in an OREC capacity - correct
answer Travel expenses essential to performing the duties to his office
, What are the OREC Leadership positions - correct answer Chairman, Vice
chairman, secretary- treasurer,
What is the OREC revolving fund - correct answer Consist of all monies received
by the OREC
How often in the revolving fund audited and by whom? - correct answer once a
year and by the state auditor and inspector
Can OREC Sue an be Sued - correct answer yes
Where must the OREC office be located - correct answer Oklahoma city, Ok
What are the powers and duties of OREC - correct answer 1.promulgate rules
2.administer examinations
3. to sell to other entities, computer testing and license applications to recover
funds.
4. issue licenses
5.
more stuff 858-208
What governs OREC and defines the procedures for OREC performance - correct
answer Administrative procedures act
What is a hearing examiner - correct answer Has the power and authority to
conduct hearing in the name of the commision
Where can hearings take place - correct answer any time or place
Who has the burden of proof in a hearing - correct answer Shall be upon the
moving party
