Oklahoma Real Estate Commission (OREC) Powers and Duties Quiz

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Questions and Answers

What is one of the powers and duties of the Oklahoma Real Estate Commission?

  • To administer examinations for real estate licenses (correct)
  • To sell cars
  • To regulate the activities of doctors
  • To issue fishing licenses

Who can the Oklahoma Real Estate Commission issue licenses to and regulate?

  • Chefs
  • Real estate brokers, provisional sales associates, and sales associates (correct)
  • Pilots
  • Mechanics

How can the Oklahoma Real Estate Commission discipline licensees?

  • By imposing administrative fines (correct)
  • By suspending their driving licenses
  • By giving them awards
  • By issuing hunting permits

What can the Oklahoma Real Estate Commission do with license applications?

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

What is one form of discipline the Commission can impose on licensees except for administrative fines?

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

In what form does the Oklahoma Real Estate Commission issue licenses to eligible individuals?

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

What authority does the Real Estate Commission have in terms of disciplinary proceedings?

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

What is one of the functions of the Oklahoma Real Estate Contract Form Committee as per the text?

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

What is an example of a penalty the Real Estate Commission can prescribe for licensees?

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

What can the Real Estate Commission do in the case of violations of the Code?

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

What authority does the Real Estate Commission have in relation to licensing sanctions?

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

What role does the Real Estate Commission have regarding real estate course instructors?

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

Who appoints the members of the Oklahoma Real Estate Commission?

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

What is the required experience for the licensed real estate brokers who can be members of the Commission?

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

How long is the term of service for members of the Oklahoma Real Estate Commission?

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

What action by a licensee may lead to license suspension or revocation?

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

What is one prohibited activity that may lead to license suspension or revocation according to the text?

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

Which action can result in a summary license suspension by the Commission?

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

What does the Oklahoma Real Estate Education and Recovery Fund cover?

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

When must a licensee be notified if a complaint has been filed against them?

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

What would not be considered an activity exempted from licensure?

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

What is one activity that can lead to termination of a license according to the text?

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

What is one of the functions of the Real Estate Commission in relation to licensees' failure to pay renewal fees?

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

In what situation can the Real Estate Commission modify a sanction imposed on a licensee?

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

What does the Real Estate Commission have the authority to do in relation to violations of the Code?

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

What power does the Real Estate Commission have concerning instructors offering real estate courses?

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

When can the Real Estate Commission issue licenses to eligible individuals?

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

What can the Real Estate Commission do with license applications?

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

If a licensee violates any provision of the Code, what can the Real Estate Commission do?

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

What power does the Real Estate Commission have regarding disciplinary proceedings?

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

What is one of the powers granted to the Oklahoma Real Estate Commission?

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

What is a specific duty of the Oklahoma Real Estate Commission?

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

What action can the Oklahoma Real Estate Commission take in disciplinary proceedings?

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

Who can the Oklahoma Real Estate Commission issue licenses to and regulate?

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

In what form does the Oklahoma Real Estate Commission issue licenses?

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

What is the primary purpose of the Oklahoma Real Estate Commission's ability to administer examinations?

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

What is one way the Oklahoma Real Estate Commission can discipline licensees?

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

What does the Oklahoma Real Estate Commission have the authority to do with license applications?

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

What power does the Oklahoma Real Estate Commission have in regulating real estate professionals?

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

What is a criteria for members of the Oklahoma Real Estate Commission?

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

What is a prohibited activity that may lead to license suspension or revocation by the Commission?

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

What is a violation that may result in license suspension or revocation?

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

What is an additional violation according to the text?

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

What does the Oklahoma Real Estate Education and Recovery Fund cover?

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

Which action is considered unethical and could lead to license suspension?

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

What is required for a licensee to respond to the Commission's written demands for documents?

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

What should the licensee be allowed prior to any hearing?

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

What is a common cause for license law violations according to the text?

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

What action can lead to an emergency summary license suspension by the Commission?

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

What is one of the powers granted to the Oklahoma Real Estate Commission?

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

In what form does the Oklahoma Real Estate Commission issue licenses to eligible individuals?

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

What is one way the Oklahoma Real Estate Commission can discipline licensees?

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

What is required for a licensee to respond to the Commission's written demands for documents?

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

What action by a licensee may lead to license suspension or revocation?

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

What can the Real Estate Commission do with license applications?

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

What authority does the Real Estate Commission have in terms of disciplinary proceedings?

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

Who can the Oklahoma Real Estate Commission issue licenses to and regulate?

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

What is one of the functions of the Real Estate Commission in relation to licensees' failure to pay renewal fees?

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

What does the Oklahoma Real Estate Education and Recovery Fund cover?

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

What power does the Real Estate Commission have in relation to license renewal fees?

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

In what situation can the Real Estate Commission modify a sanction imposed on a licensee?

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

What is one activity that could lead to disciplinary proceedings by the Real Estate Commission?

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

What authority does the Oklahoma Real Estate Commission have regarding violation prosecution?

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

What is one role of the Oklahoma Real Estate Contract Form Committee as per the text?

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

What is one power granted to the Real Estate Commission in relation to sanctioning licensees?

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

What is a penalty that the Real Estate Commission can prescribe against licensees?

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

What is one duty of the Real Estate Commission in relation to real estate course instructors?

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

What action could lead to injunctions being sought by the Real Estate Commission?

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

What is one responsibility of the Oklahoma Real Estate Commission towards real estate instruction organizations?

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

What is one of the criteria for members appointed to the Oklahoma Real Estate Commission?

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

What activity by a licensee may result in license suspension or revocation by the Oklahoma Real Estate Commission?

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

What is considered an additional violation according to the text?

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

What would be a cause for license suspension or revocation related to procurement of signatures on a contract?

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

What action in relation to licensing may result in an emergency summary license suspension by the Oklahoma Real Estate Commission?

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

What is one prohibited activity that may lead to license suspension or revocation by the Oklahoma Real Estate Commission?

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

What is one example of untrustworthy, improper, fraudulent, or dishonest actions mentioned in the text?

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

Which action would NOT lead to disciplinary action by the Oklahoma Real Estate Commission?

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

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