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

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

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

For what reason can the Commission modify sanctions imposed?

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

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

<p>Soliciting buyers through lotteries (B)</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 (A)</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 (C)</p> Signup and view all the answers

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

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

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

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

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

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

How can the Oklahoma Real Estate Commission discipline licensees?

<p>By imposing administrative fines (C)</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 (B)</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 (D)</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 (D)</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 (C)</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 (C)</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 (A)</p> Signup and view all the answers

Who can the Oklahoma Real Estate Commission discipline?

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

Under what circumstances can the Commission modify imposed sanctions?

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

What type of proceedings can the Commission conduct?

<p>Disciplinary proceedings (B)</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 (C)</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 (B)</p> Signup and view all the answers

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

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

What type of professionals can the Commission contract with?

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

What committee can the Commission create by rule?

<p>Contract Form Committee (C)</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 (A)</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 (A)</p> Signup and view all the answers

Who can the Oklahoma Real Estate Commission issue licenses to?

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

Which entities can the Oklahoma Real Estate Commission regulate?

<p>Real estate brokers and partnerships (C)</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 (D)</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 (A)</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 (B)</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' (D)</p> Signup and view all the answers

'Imposing administrative fines' is an example of:

<p>'Imposing sanctions' (A)</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 (D)</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 (A)</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 (A)</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 (D)</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 (D)</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 (B)</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 (D)</p> Signup and view all the answers

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