100 Questions
What must be included in yard signs according to Oklahoma regulations?
Office phone number
Which term must be used in firm advertisements according to Oklahoma regulations?
Agency
What is strictly prohibited in real estate advertisements according to Oklahoma regulations?
References to race, color, creed, religion
What permissions are required before brokers can advertise property on behalf of an owner according to Oklahoma regulations?
Prior owner permission
What is required in office identification according to Oklahoma regulations?
Franchise names and independently owned and operated statement
What type of incentives are acceptable in Oklahoma real estate advertising?
Seller incentives clearly disclosed to the public
What is a critical provision in a real estate conveyance contract?
Title Issues
Which type of agreement must be in writing to be enforceable?
Lease agreements for more than one year
What is required for amendments or modifications to written agreements?
Documentation in writing
Which provision outlines potential defects or disclosures in a real estate conveyance contract?
Clauses Outlining Potential Defects or Disclosures
In a real estate contract, what must be identified to ensure enforceability?
Respective Seller and Buyer Identities
Which type of agreement is invalid unless it is in writing?
Contract for the sale of property
What is required for team names to be advertised by brokerage firms?
Team names must be registered with the Commission.
Who must oversee the advertising if an associate is advertising under their individual name?
The associate's broker
What is a requirement for team advertising?
Team leaders/brokers must supervise and ensure all ads include their own trading names.
What legal obligation does a licensee have when acting as an owner or purchaser of property listings?
To disclose the fact concerning his/her participation owning/purchasing said property listings
What is a responsibility of a licensee who hires an unlicensed assistant?
To be liable for the assistant's actions in all real estate-related activities
What are unlicensed assistants permitted to do?
Handle client communications on behalf of a licensee
What is a requirement for business location according to the text?
Maintain a specific business location accessible to the public during reasonable business hours
What must a wholesaler do if they publicly market their contract ownership interest for sale?
Employ licensed services during closure
What is the consequence of a wholesaler not having proper licensing when selling contract ownership interests?
Potential fines and penalties
What is one of the key responsibilities of a broker regarding trust accounts?
Maintaining accurate and detailed records
What action should a broker take when handling disputes over trust funds distribution?
Receive instructions from all involved parties
What is strictly prohibited for brokers when managing trust accounts?
Commingling personal business funds with trust funds
What is the primary objective of the Oklahoma Real Estate Contract Forms Committee?
Making standardized contract forms for licensee usage
What practice involves persuading a property owner to sell at a reduced price based on legally discriminatory reasons?
Blockbusting
'Steering' in real estate refers to directing prospective buyers or tenants towards or away from specific neighborhoods based on what?
Race or membership in protected classes
In what scenario can brokers deposit earnest money deposits into interest-bearing bank accounts?
Providing written disclosure among all parties involved
What is the consequence of market allocation in real estate activities?
Limited free and open business activity
What action should a broker take if existing parties will no longer be represented?
Provide written notice of closing date and that clients are free to contract with another broker
In what situation can licensees surrender their license?
During an ongoing investigation or disciplinary proceeding
What happens to licensees under a broker whose license is suspended or revoked?
They are put on inactive status
What is the implication for suspended or revoked brokers with branch offices?
All affiliated licensees are put on inactive status
What is the definition of wholesaling in real estate?
Purchasing real estate property rights and selling them for a fee
What does the Oklahoma Predatory Real Estate Wholesaler Act define wholesaling as?
Purchasing property rights and selling or assigning them for a fee
What is required of a broker whose license is suspended in terms of listings?
Must cancel all listings immediately upon effective date
When can a licensee reinstate their surrendered license?
After five years from surrendering it
What is the implication for a licensee whose license is suspended or revoked?
Is prohibited from participating in any transaction, directly or indirectly
What must licensees do with pending contracts if their brokerage's licensing is being temporarily/permanently stripped off?
Transfer them promptly to another active broker before closure can take place
Where must a broker designate a branch office broker?
At the main office location
What is a requirement for the visible signage of a brokerage's office?
It should include terms like 'company,' 'realty,' or 'real estate' in large letters
What is required if a licensee wants to use a personal nickname or alias in their trade name?
The personal nickname or alias must be registered with the Commission
What should licensees do in case of a broker's death or disability?
Inform the Commission and hold trust account funds until written agreement is reached
What happens when a real estate firm decides to cease its operations?
Licensees must comply with electronic file storage regulations and will be placed on inactive status
What action must the broker take when closing a branch office?
Return all licenses and branch office license certificates, and file release forms for all associates
What is required regarding records when there is a change in license status?
Records must be retained for a 5-year period from the date of transaction closing
How should teams handle changes or amendments to their names?
All changes or amendments to team names must be filed with the Commission and approved by the broker
What is required in terms of trade name registration for a real estate firm?
All trade names must be registered with the Commission
What action should representatives take upon a broker's death or disability?
Notify the Commission of the event, surrender licenses, and hold trust account funds until written agreement is reached by all transaction parties
What must be included in advertisements for real estate firms as per Oklahoma regulations?
A registered business trade name
What type of information is required in social networking advertisements for real estate in Oklahoma?
License status and contact information
What is strictly prohibited in real estate advertisements according to Oklahoma regulations?
Using only a street address or phone number
When advertising on behalf of an owner, what permission do brokers need according to Oklahoma regulations?
Prior owner permission
What is the requirement for yard signs according to Oklahoma regulations?
Include office phone number
What is the rule regarding using another firm's trade name in Oklahoma?
It is strictly prohibited
What is a required disclosure on each advertisement displayed publicly by a licensee?
Broker's name
What must team advertising have incorporated within them prominently, according to the text?
Trading names of team leaders/brokers
What is a permissible action for unlicensed assistants in real estate-related activities?
Handle client communications on behalf of a licensee
What action is required from brokers concerning office location accessibility according to the text?
Ensure the office is accessible to the public during reasonable business hours
Which of the following is a responsibility of brokers regarding overseeing employees and contractors?
Monitoring to avoid discriminatory acts
What is a key requirement for branch offices according to the text?
Managed and overseen by the broker
What is a permissible task for unlicensed assistants in real estate-related activities according to the text?
Inspect listing and sale documents on behalf of brokers
What must brokers ensure in terms of financial transactions according to the text?
Maintain proper records retention
In team advertising, what must be incorporated prominently against team members' reference points?
At least half-size trading names of team leaders/brokers
What is a role of unlicensed assistants in real estate advertising as per the text?
Drafting, designing, and placing advertisements subject to approval by the supervising broker only
What type of contracts must be in writing to be enforceable according to the text?
Real estate contracts
What is a critical provision that must be included in a real estate conveyance contract?
Clauses outlining potential defects or disclosures
Which agreement is invalid unless it is in writing according to the text?
Contract for the sale or lease of property made by a broker which exceeds one year
What provision should be identified in a real estate contract to ensure enforceability?
Identification of any involved Real Estate Licensee
Which type of contract must have signatures from both parties involved in the agreement?
Real estate contracts
What is required for amendments or modifications to written agreements according to the text?
Must also be documented in writing to ensure enforceability
Where must each associate working in an office maintain their license?
At the office and make it available for display
What is a requirement regarding team names according to the text?
All changes or amendments to team names must be filed with the Commission and approved by the broker
What should a broker do regarding trust account funds when ceasing operations?
Maintain them until written agreement for funds disposition is reached by all transaction parties or court order is obtained
What is a requirement for record retention by licensees?
Retain records for a 5-year period from the date of transaction closing
What is required when a broker wants to close a branch office?
Submit a written request to the Commission including the closing date and where records will be stored for five years
What happens if a real estate firm decides to cease its operations?
'All licensees associated with the brokerage will be placed on inactive status as of the requested date of cessation'
What should a representative do upon a broker's death or disability?
'Notify the Commission and surrender all related licenses and documents to them'
'What must be included in visible signage of a brokerage's offices according to regulations?'
'Terms such as 'company,' 'realty,' or 'real estate' in letters no less than one inch tall'
'What happens if a licensee's broker decides to temporarily or permanently cease activities?'
'Licensee must transfer all pending contracts to another broker'
What must a wholesaler do if they publicly market their contract ownership interest for sale?
Possess a real estate license or employ licensed services during closure
What is the responsibility of a broker regarding funds in trust accounts?
Ensure funds remain in the account until transactions are completed
What practice is strictly prohibited for brokers when managing trust accounts?
Mixing personal business funds with trust funds
What illegal activity arises when licensees attempt to persuade buyers based on discriminatory criteria?
Steering
What must a broker do when existing parties will no longer be represented?
End all advertising immediately
What should brokers do when handling disputes over trust funds distribution?
Make a good faith determination before releasing any money
What is required of licensees if a broker's license is suspended or revoked?
They are prohibited from participating in any real estate transactions
If a licensee persuades a property owner to sell at a reduced price based on discriminatory reasons, what practice is this known as?
Blockbusting
What action should licensees take if a broker's license is suspended or revoked?
Immediately cancel all listings upon effective date
When can a licensee reinstate their surrendered license?
Within five years of surrendering the license
What must brokers do with earnest money deposits in interest-bearing bank accounts upon transaction closing?
Immediately disburse earned interest upon transaction closing
What does the Oklahoma Predatory Real Estate Wholesaler Act define as wholesaling?
Procuring contractual rights and transferring them for a fee
'Market Allocation' in real estate involves what practice?
'Carving up' markets by agreeing to conduct activities in certain areas only
What happens to licensees under a broker whose license is suspended or revoked?
They are placed on inactive status
'Collusion' among licensees occurs when they:
Engage in secret agreements aimed at dividing real estate market sectors
During what period can individuals with suspended or revoked licenses receive compensation?
For acts performed while active as licensed professionals
'Commingling' is strictly prohibited for brokers and refers to:
Mixing personal and business finances within trust accounts
What are the implications for a broker whose license is revoked or suspended with a branch office?
All affiliated licensees are placed on inactive status
'Wholesaling' in real estate typically involves what process?
Procurement and transfer of contractual rights for consideration
What should a person who had their brokerage/business licensing revoked NOT do?
Continue advertising services
Learn about the procedures to follow when a real estate broker is closing their business, including giving notice to clients, ending advertising, and transferring or surrendering the broker's license. Understand the requirements for license surrender in case of investigations or disciplinary proceedings.
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