Oklahoma Real Estate Commission Powers and Duties Quiz
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Questions and Answers

What is one of the powers granted to the Commission mentioned in the text?

  • To issue fishing licenses
  • To conduct disciplinary proceedings (correct)
  • To regulate the stock market
  • To promote car racing events

    • Which of the following is a responsibility of the Commission as per the text?

  • Managing city parks
  • Organizing music concerts
  • Initiating prosecutions for Code violations (correct)
  • Approving medical professionals

    • What power does the Commission have regarding license renewal fees?

  • Prescribing penalties for failure to pay fees (correct)
  • Issuing discounts on renewal fees
  • Extending the renewal period indefinitely
  • Forgiving all fees for licensees

    • What committee is created by the Commission according to the text?

    <p>Oklahoma Real Estate Contract Form Committee</p> Signup and view all the answers

    What professionals can the Commission contract with to carry out its functions?

    <p>Attorneys and other professionals</p> Signup and view all the answers

    For what reason can the Commission modify sanctions imposed?

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

    Which power allows the Commission to approve instructors and organizations offering real estate courses?

    <p>Power to approve instructors</p> Signup and view all the answers

    What is one reason the Commission can apply for injunctions or restraining orders?

    <p>For violations of the Code or rules of the Commission</p> Signup and view all the answers

    Which of these is NOT a power given to the Commission as per the text?

    <p>To schedule real estate courses</p> Signup and view all the answers

    What committee is established by rule to draft real estate purchase and/or lease contracts?

    <p>Oklahoma Real Estate Contract Form Committee</p> Signup and view all the answers

    What is the required term of service for members of the Oklahoma Real Estate Commission?

    <p>Four years</p> Signup and view all the answers

    Which activity can lead to license suspension or revocation by the Oklahoma Real Estate Commission?

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

    In what situations can the Oklahoma Real Estate Commission order a summary license suspension?

    <p>When public health, safety, or welfare are in jeopardy</p> Signup and view all the answers

    What is the purpose of the Oklahoma Real Estate Education and Recovery Fund?

    <p>To protect the general public from licensee acts</p> Signup and view all the answers

    Which activity is NOT exempted from licensure according to the text?

    <p>Soliciting buyers through lotteries</p> Signup and view all the answers

    How long does a licensee have to respond to written demands for documents or records by the Oklahoma Real Estate Commission?

    <p>15 days</p> Signup and view all the answers

    What is one of the causes for license suspension or revocation according to the text?

    <p>Failing to disclose immediate family relationships to all parties in a transaction</p> Signup and view all the answers

    What type of individuals are exempt from real estate licensure requirements?

    <p>'Corporate employees regarding easements'</p> Signup and view all the answers

    'Failure to properly supervise an associate' is an example of:

    <p>'Failing to act in good faith'</p> Signup and view all the answers

    'Guaranteeing future real estate profits resulting from a resale' is considered:

    <p>'Making false promises'</p> Signup and view all the answers

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

    <p>To issue licenses to real estate brokers</p> Signup and view all the answers

    What is the purpose of the Oklahoma Real Estate Commission selling computer testing and license applications?

    <p>To recover expended research and development costs</p> Signup and view all the answers

    How can the Oklahoma Real Estate Commission discipline licensees?

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

    Who can the Oklahoma Real Estate Commission issue licenses to?

    <p>To real estate brokers, sales associates, and nonresidents</p> Signup and view all the answers

    What can the Oklahoma Real Estate Commission do with persons who have passed examinations?

    <p>Issue licenses in a specified form</p> Signup and view all the answers

    What type of entities can the Oklahoma Real Estate Commission regulate?

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

    What is one of the options for disciplining licensees by the Oklahoma Real Estate Commission?

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

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

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

    What actions can the Oklahoma Real Estate Commission take against licensees according to The Oklahoma Real Estate License Code?

    <p>Revoking their licenses</p> Signup and view all the answers

    Who can the Oklahoma Real Estate Commission discipline?

    <p>Licensees, instructors, and real estate school entities</p> Signup and view all the answers

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

    <p>To create a Real Estate Contract Form Committee</p> Signup and view all the answers

    Under what circumstances can the Commission modify imposed sanctions?

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

    What type of proceedings can the Commission conduct?

    <p>Disciplinary proceedings</p> Signup and view all the answers

    What is one action that the Commission can take against individuals who violate the Code?

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

    What is one responsibility of the Real Estate Commission?

    <p>Instituting penalties for failure to pay license renewal fees</p> Signup and view all the answers

    Which power does the Commission NOT have as per the text?

    <p>To issue passports</p> Signup and view all the answers

    What can the Commission require instructors and organizations offering courses to do?

    <p>Meet certain standards to remain qualified</p> Signup and view all the answers

    What type of professionals can the Commission contract with?

    <p>Attorneys and other professionals</p> Signup and view all the answers

    What committee can the Commission create by rule?

    <p>Contract Form Committee</p> Signup and view all the answers

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

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

    What is a possible disciplinary action that the Commission can take against licensees?

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

    Who can the Oklahoma Real Estate Commission issue licenses to?

    <p>Real estate brokers who pass examinations</p> Signup and view all the answers

    Which entities can the Oklahoma Real Estate Commission regulate?

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

    What is a possible form of disciplinary action that the Commission can take as per The Oklahoma Real Estate License Code?

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

    What is one duty of the Oklahoma Real Estate Commission according to the text?

    <p>Promulgating rules and making orders as necessary</p> Signup and view all the answers

    What is a power granted to the Commission in administering licenses?

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

    Who can the Oklahoma Real Estate Commission discipline as provided in The Oklahoma Real Estate License Code?

    <p>'Real estate professionals and instructors'</p> Signup and view all the answers

    'Imposing administrative fines' is an example of:

    <p>'Imposing sanctions'</p> Signup and view all the answers

    What can the Oklahoma Real Estate Commission do with persons who have passed examinations?

    <p>Issue them licenses or other approvals</p> Signup and view all the answers

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

    <p>Residents of Oklahoma for at least three years before appointment</p> Signup and view all the answers

    Which activity can lead to license suspension or revocation by the Oklahoma Real Estate Commission?

    <p>Offering free lots to influence buyers</p> Signup and view all the answers

    What term of service do members of the Oklahoma Real Estate Commission serve?

    <p>Four-year terms with a possibility of one additional term</p> Signup and view all the answers

    What is the purpose of the Oklahoma Real Estate Education and Recovery Fund?

    <p>Reimburse judgments against licensees for damages caused by them</p> Signup and view all the answers

    What is a prohibited activity that can result in license suspension or revocation according to the text?

    <p>Permitting an associate to operate as a broker</p> Signup and view all the answers

    What is a violation that can lead to disciplinary action by the Oklahoma Real Estate Commission?

    <p>Accepting real estate compensation from a licensee</p> Signup and view all the answers

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