Oklahoma Real Estate Commission (OREC) Powers and Duties Quiz

To administer examinations for real estate licenses

Real estate brokers, provisional sales associates, and sales associates

By imposing administrative fines

<p>Sell them to other entities</p> Signup and view all the answers

<p>Suspend real estate licenses</p> Signup and view all the answers

<p>In a form prescribed by the Commission</p> Signup and view all the answers

<p>To conduct disciplinary proceedings for any violation of the Code</p> Signup and view all the answers

<p>To create purchase and lease contracts for voluntary use by licensees</p> Signup and view all the answers

<p>Revoking a license</p> Signup and view all the answers

<p>Apply for injunctions and restraining orders</p> Signup and view all the answers

<p>Can modify any sanction imposed upon showing good cause</p> Signup and view all the answers

<p>Approve instructors and organizations offering courses of study based on merit</p> Signup and view all the answers

<p>The governor</p> Signup and view all the answers

<p>Five years of experience</p> Signup and view all the answers

<p>Four-year terms</p> Signup and view all the answers

<p>Displaying bad faith or incompetence in a transaction</p> Signup and view all the answers

<p>Assisting unlicensed individuals in real estate activities</p> Signup and view all the answers

<p>Failure to respond to Commission's written demands</p> Signup and view all the answers

<p>$25,000 aggregate total</p> Signup and view all the answers

<p>At least 15 days before the hearing</p> Signup and view all the answers

<p>Offering to pay a loan for another</p> Signup and view all the answers

<p>Guaranteeing future real estate profits from a resale</p> Signup and view all the answers

<p>To prescribe penalties for non-payment</p> Signup and view all the answers

<p>Upon showing good cause</p> Signup and view all the answers

<p>Issue fines and penalties</p> Signup and view all the answers

<p>Setting standards and approving instructors</p> Signup and view all the answers

<p>At any time of the year</p> Signup and view all the answers

<p>Approve or deny them</p> Signup and view all the answers

<p>Prosecute the violator</p> Signup and view all the answers

<p>Conduct disciplinary proceedings for cause</p> Signup and view all the answers

<p>Prescribing administrative fees through executive order</p> Signup and view all the answers

<p>Selling computer testing and license applications to other states</p> Signup and view all the answers

<p>Imposing administrative fines as per regulations</p> Signup and view all the answers

<p>Real estate brokers and sales associates</p> Signup and view all the answers

<p>In the form prescribed by the Commission</p> Signup and view all the answers

<p>To maintain high standards in real estate practices</p> Signup and view all the answers

<p>Suspending licenses for a specified period of time</p> Signup and view all the answers

<p>Sell license applications to recover costs</p> Signup and view all the answers

<p>Determining educational requirements for licenses</p> Signup and view all the answers

<p>Having experience in real estate brokerage for a minimum of five years</p> Signup and view all the answers

<p>Displaying bad faith or incompetence in any real estate transaction</p> Signup and view all the answers

<p>Cooperating with licensed entities to perform real estate activities</p> Signup and view all the answers

<p>Accepting compensation for appraisal services contingent upon value determination</p> Signup and view all the answers

<p>$50,000 for actual damages caused by licensees</p> Signup and view all the answers

<p>Guaranteeing future real estate profits resulting from resale</p> Signup and view all the answers

<p>Not responding in writing</p> Signup and view all the answers

<p>At least 15 days written notice of any licensee hearing</p> Signup and view all the answers

<p>Paying fees with insufficient funds check</p> Signup and view all the answers

<p>Interfering with a Commission investigation</p> Signup and view all the answers

<p>Regulating real estate brokers</p> Signup and view all the answers

<p>As prescribed by the Commission</p> Signup and view all the answers

<p>Imposing administrative fines</p> Signup and view all the answers

<p>Complying with the written demands</p> Signup and view all the answers

<p>Violating any provision of the Code</p> Signup and view all the answers

<p>Use them for research and development costs recovery</p> Signup and view all the answers

<p>Suspending real estate licenses indefinitely</p> Signup and view all the answers

<p>Real estate brokers, provisional sales associates, and sales associates</p> Signup and view all the answers

<p>Publishing renewal fee defaulters' names publicly</p> Signup and view all the answers

<p>Recovering monetary losses suffered due to licensee actions</p> Signup and view all the answers

<p>Prescribe penalties for failure to pay</p> Signup and view all the answers

<p>When there is a valid cause</p> Signup and view all the answers

<p>Violating the provisions of the Code</p> Signup and view all the answers

<p>Authority to initiate prosecution</p> Signup and view all the answers

<p>Draft and revise real estate contracts</p> Signup and view all the answers

<p>Modify any sanction imposed</p> Signup and view all the answers

<p>$50 late fee for renewal payment</p> Signup and view all the answers

<p>Setting standards for instructors' qualification</p> Signup and view all the answers

<p>Unauthorized practice of real estate</p> Signup and view all the answers

<p>Setting and enforcing qualification standards</p> Signup and view all the answers

<p>Must be a licensed real estate broker with at least five years of experience</p> Signup and view all the answers

<p>Guaranteeing future real estate profits resulting from a resale</p> Signup and view all the answers

<p>Advertising real estate without the owner's consent</p> Signup and view all the answers

<p>Procuring a signature on a contract without property description</p> Signup and view all the answers

<p>Knowingly providing false information to the Commission during an investigation</p> Signup and view all the answers

<p>Accepting real estate compensation from an associate's broker</p> Signup and view all the answers

<p>Acquiring real estate for personal use without disclosure</p> Signup and view all the answers

<p>$100 referral fee received by residents in a residential complex</p> Signup and view all the answers