Real Estate Broker Closure Procedures and Surrendering License
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Questions and Answers

What must be included in yard signs according to Oklahoma regulations?

  • Social security number
  • Office phone number (correct)
  • Fax number
  • Broker's personal cell phone number

    • Which term must be used in firm advertisements according to Oklahoma regulations?

  • Agency (correct)
  • Random
  • Personal
  • Informative

    • What is strictly prohibited in real estate advertisements according to Oklahoma regulations?

  • References to education level
  • References to location
  • References to weather conditions
  • References to race, color, creed, religion (correct)

    • What permissions are required before brokers can advertise property on behalf of an owner according to Oklahoma regulations?

    <p>Prior owner permission</p> Signup and view all the answers

    What is required in office identification according to Oklahoma regulations?

    <p>Franchise names and independently owned and operated statement</p> Signup and view all the answers

    What type of incentives are acceptable in Oklahoma real estate advertising?

    <p>Seller incentives clearly disclosed to the public</p> Signup and view all the answers

    What is a critical provision in a real estate conveyance contract?

    <p>Title Issues</p> Signup and view all the answers

    Which type of agreement must be in writing to be enforceable?

    <p>Lease agreements for more than one year</p> Signup and view all the answers

    What is required for amendments or modifications to written agreements?

    <p>Documentation in writing</p> Signup and view all the answers

    Which provision outlines potential defects or disclosures in a real estate conveyance contract?

    <p>Clauses Outlining Potential Defects or Disclosures</p> Signup and view all the answers

    In a real estate contract, what must be identified to ensure enforceability?

    <p>Respective Seller and Buyer Identities</p> Signup and view all the answers

    Which type of agreement is invalid unless it is in writing?

    <p>Contract for the sale of property</p> Signup and view all the answers

    What is required for team names to be advertised by brokerage firms?

    <p>Team names must be registered with the Commission.</p> Signup and view all the answers

    Who must oversee the advertising if an associate is advertising under their individual name?

    <p>The associate's broker</p> Signup and view all the answers

    What is a requirement for team advertising?

    <p>Team leaders/brokers must supervise and ensure all ads include their own trading names.</p> Signup and view all the answers

    What legal obligation does a licensee have when acting as an owner or purchaser of property listings?

    <p>To disclose the fact concerning his/her participation owning/purchasing said property listings</p> Signup and view all the answers

    What is a responsibility of a licensee who hires an unlicensed assistant?

    <p>To be liable for the assistant's actions in all real estate-related activities</p> Signup and view all the answers

    What are unlicensed assistants permitted to do?

    <p>Handle client communications on behalf of a licensee</p> Signup and view all the answers

    What is a requirement for business location according to the text?

    <p>Maintain a specific business location accessible to the public during reasonable business hours</p> Signup and view all the answers

    What must a wholesaler do if they publicly market their contract ownership interest for sale?

    <p>Employ licensed services during closure</p> Signup and view all the answers

    What is the consequence of a wholesaler not having proper licensing when selling contract ownership interests?

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

    What is one of the key responsibilities of a broker regarding trust accounts?

    <p>Maintaining accurate and detailed records</p> Signup and view all the answers

    What action should a broker take when handling disputes over trust funds distribution?

    <p>Receive instructions from all involved parties</p> Signup and view all the answers

    What is strictly prohibited for brokers when managing trust accounts?

    <p>Commingling personal business funds with trust funds</p> Signup and view all the answers

    What is the primary objective of the Oklahoma Real Estate Contract Forms Committee?

    <p>Making standardized contract forms for licensee usage</p> Signup and view all the answers

    What practice involves persuading a property owner to sell at a reduced price based on legally discriminatory reasons?

    <p>Blockbusting</p> Signup and view all the answers

    'Steering' in real estate refers to directing prospective buyers or tenants towards or away from specific neighborhoods based on what?

    <p>Race or membership in protected classes</p> Signup and view all the answers

    In what scenario can brokers deposit earnest money deposits into interest-bearing bank accounts?

    <p>Providing written disclosure among all parties involved</p> Signup and view all the answers

    What is the consequence of market allocation in real estate activities?

    <p>Limited free and open business activity</p> Signup and view all the answers

    What action should a broker take if existing parties will no longer be represented?

    <p>Provide written notice of closing date and that clients are free to contract with another broker</p> Signup and view all the answers

    In what situation can licensees surrender their license?

    <p>During an ongoing investigation or disciplinary proceeding</p> Signup and view all the answers

    What happens to licensees under a broker whose license is suspended or revoked?

    <p>They are put on inactive status</p> Signup and view all the answers

    What is the implication for suspended or revoked brokers with branch offices?

    <p>All affiliated licensees are put on inactive status</p> Signup and view all the answers

    What is the definition of wholesaling in real estate?

    <p>Purchasing real estate property rights and selling them for a fee</p> Signup and view all the answers

    What does the Oklahoma Predatory Real Estate Wholesaler Act define wholesaling as?

    <p>Purchasing property rights and selling or assigning them for a fee</p> Signup and view all the answers

    What is required of a broker whose license is suspended in terms of listings?

    <p>Must cancel all listings immediately upon effective date</p> Signup and view all the answers

    When can a licensee reinstate their surrendered license?

    <p>After five years from surrendering it</p> Signup and view all the answers

    What is the implication for a licensee whose license is suspended or revoked?

    <p>Is prohibited from participating in any transaction, directly or indirectly</p> Signup and view all the answers

    What must licensees do with pending contracts if their brokerage's licensing is being temporarily/permanently stripped off?

    <p>Transfer them promptly to another active broker before closure can take place</p> Signup and view all the answers

    Where must a broker designate a branch office broker?

    <p>At the main office location</p> Signup and view all the answers

    What is a requirement for the visible signage of a brokerage's office?

    <p>It should include terms like 'company,' 'realty,' or 'real estate' in large letters</p> Signup and view all the answers

    What is required if a licensee wants to use a personal nickname or alias in their trade name?

    <p>The personal nickname or alias must be registered with the Commission</p> Signup and view all the answers

    What should licensees do in case of a broker's death or disability?

    <p>Inform the Commission and hold trust account funds until written agreement is reached</p> Signup and view all the answers

    What happens when a real estate firm decides to cease its operations?

    <p>Licensees must comply with electronic file storage regulations and will be placed on inactive status</p> Signup and view all the answers

    What action must the broker take when closing a branch office?

    <p>Return all licenses and branch office license certificates, and file release forms for all associates</p> Signup and view all the answers

    What is required regarding records when there is a change in license status?

    <p>Records must be retained for a 5-year period from the date of transaction closing</p> Signup and view all the answers

    How should teams handle changes or amendments to their names?

    <p>All changes or amendments to team names must be filed with the Commission and approved by the broker</p> Signup and view all the answers

    What is required in terms of trade name registration for a real estate firm?

    <p>All trade names must be registered with the Commission</p> Signup and view all the answers

    What action should representatives take upon a broker's death or disability?

    <p>Notify the Commission of the event, surrender licenses, and hold trust account funds until written agreement is reached by all transaction parties</p> Signup and view all the answers

    What must be included in advertisements for real estate firms as per Oklahoma regulations?

    <p>A registered business trade name</p> Signup and view all the answers

    What type of information is required in social networking advertisements for real estate in Oklahoma?

    <p>License status and contact information</p> Signup and view all the answers

    What is strictly prohibited in real estate advertisements according to Oklahoma regulations?

    <p>Using only a street address or phone number</p> Signup and view all the answers

    When advertising on behalf of an owner, what permission do brokers need according to Oklahoma regulations?

    <p>Prior owner permission</p> Signup and view all the answers

    What is the requirement for yard signs according to Oklahoma regulations?

    <p>Include office phone number</p> Signup and view all the answers

    What is the rule regarding using another firm's trade name in Oklahoma?

    <p>It is strictly prohibited</p> Signup and view all the answers

    What is a required disclosure on each advertisement displayed publicly by a licensee?

    <p>Broker's name</p> Signup and view all the answers

    What must team advertising have incorporated within them prominently, according to the text?

    <p>Trading names of team leaders/brokers</p> Signup and view all the answers

    What is a permissible action for unlicensed assistants in real estate-related activities?

    <p>Handle client communications on behalf of a licensee</p> Signup and view all the answers

    What action is required from brokers concerning office location accessibility according to the text?

    <p>Ensure the office is accessible to the public during reasonable business hours</p> Signup and view all the answers

    Which of the following is a responsibility of brokers regarding overseeing employees and contractors?

    <p>Monitoring to avoid discriminatory acts</p> Signup and view all the answers

    What is a key requirement for branch offices according to the text?

    <p>Managed and overseen by the broker</p> Signup and view all the answers

    What is a permissible task for unlicensed assistants in real estate-related activities according to the text?

    <p>Inspect listing and sale documents on behalf of brokers</p> Signup and view all the answers

    What must brokers ensure in terms of financial transactions according to the text?

    <p>Maintain proper records retention</p> Signup and view all the answers

    In team advertising, what must be incorporated prominently against team members' reference points?

    <p>At least half-size trading names of team leaders/brokers</p> Signup and view all the answers

    What is a role of unlicensed assistants in real estate advertising as per the text?

    <p>Drafting, designing, and placing advertisements subject to approval by the supervising broker only</p> Signup and view all the answers

    What type of contracts must be in writing to be enforceable according to the text?

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

    What is a critical provision that must be included in a real estate conveyance contract?

    <p>Clauses outlining potential defects or disclosures</p> Signup and view all the answers

    Which agreement is invalid unless it is in writing according to the text?

    <p>Contract for the sale or lease of property made by a broker which exceeds one year</p> Signup and view all the answers

    What provision should be identified in a real estate contract to ensure enforceability?

    <p>Identification of any involved Real Estate Licensee</p> Signup and view all the answers

    Which type of contract must have signatures from both parties involved in the agreement?

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

    What is required for amendments or modifications to written agreements according to the text?

    <p>Must also be documented in writing to ensure enforceability</p> Signup and view all the answers

    Where must each associate working in an office maintain their license?

    <p>At the office and make it available for display</p> Signup and view all the answers

    What is a requirement regarding team names according to the text?

    <p>All changes or amendments to team names must be filed with the Commission and approved by the broker</p> Signup and view all the answers

    What should a broker do regarding trust account funds when ceasing operations?

    <p>Maintain them until written agreement for funds disposition is reached by all transaction parties or court order is obtained</p> Signup and view all the answers

    What is a requirement for record retention by licensees?

    <p>Retain records for a 5-year period from the date of transaction closing</p> Signup and view all the answers

    What is required when a broker wants to close a branch office?

    <p>Submit a written request to the Commission including the closing date and where records will be stored for five years</p> Signup and view all the answers

    What happens if a real estate firm decides to cease its operations?

    <p>'All licensees associated with the brokerage will be placed on inactive status as of the requested date of cessation'</p> Signup and view all the answers

    What should a representative do upon a broker's death or disability?

    <p>'Notify the Commission and surrender all related licenses and documents to them'</p> Signup and view all the answers

    'What must be included in visible signage of a brokerage's offices according to regulations?'

    <p>'Terms such as 'company,' 'realty,' or 'real estate' in letters no less than one inch tall'</p> Signup and view all the answers

    'What happens if a licensee's broker decides to temporarily or permanently cease activities?'

    <p>'Licensee must transfer all pending contracts to another broker'</p> Signup and view all the answers

    What must a wholesaler do if they publicly market their contract ownership interest for sale?

    <p>Possess a real estate license or employ licensed services during closure</p> Signup and view all the answers

    What is the responsibility of a broker regarding funds in trust accounts?

    <p>Ensure funds remain in the account until transactions are completed</p> Signup and view all the answers

    What practice is strictly prohibited for brokers when managing trust accounts?

    <p>Mixing personal business funds with trust funds</p> Signup and view all the answers

    What illegal activity arises when licensees attempt to persuade buyers based on discriminatory criteria?

    <p>Steering</p> Signup and view all the answers

    What must a broker do when existing parties will no longer be represented?

    <p>End all advertising immediately</p> Signup and view all the answers

    What should brokers do when handling disputes over trust funds distribution?

    <p>Make a good faith determination before releasing any money</p> Signup and view all the answers

    What is required of licensees if a broker's license is suspended or revoked?

    <p>They are prohibited from participating in any real estate transactions</p> Signup and view all the answers

    If a licensee persuades a property owner to sell at a reduced price based on discriminatory reasons, what practice is this known as?

    <p>Blockbusting</p> Signup and view all the answers

    What action should licensees take if a broker's license is suspended or revoked?

    <p>Immediately cancel all listings upon effective date</p> Signup and view all the answers

    When can a licensee reinstate their surrendered license?

    <p>Within five years of surrendering the license</p> Signup and view all the answers

    What must brokers do with earnest money deposits in interest-bearing bank accounts upon transaction closing?

    <p>Immediately disburse earned interest upon transaction closing</p> Signup and view all the answers

    What does the Oklahoma Predatory Real Estate Wholesaler Act define as wholesaling?

    <p>Procuring contractual rights and transferring them for a fee</p> Signup and view all the answers

    'Market Allocation' in real estate involves what practice?

    <p>'Carving up' markets by agreeing to conduct activities in certain areas only</p> Signup and view all the answers

    What happens to licensees under a broker whose license is suspended or revoked?

    <p>They are placed on inactive status</p> Signup and view all the answers

    'Collusion' among licensees occurs when they:

    <p>Engage in secret agreements aimed at dividing real estate market sectors</p> Signup and view all the answers

    During what period can individuals with suspended or revoked licenses receive compensation?

    <p>For acts performed while active as licensed professionals</p> Signup and view all the answers

    'Commingling' is strictly prohibited for brokers and refers to:

    <p>Mixing personal and business finances within trust accounts</p> Signup and view all the answers

    What are the implications for a broker whose license is revoked or suspended with a branch office?

    <p>All affiliated licensees are placed on inactive status</p> Signup and view all the answers

    'Wholesaling' in real estate typically involves what process?

    <p>Procurement and transfer of contractual rights for consideration</p> Signup and view all the answers

    What should a person who had their brokerage/business licensing revoked NOT do?

    <p>Continue advertising services</p> Signup and view all the answers

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