Oklahoma Real Estate Exam Questions With
Correct Answers
How does the code Define Real Estate? - CORRECT ANSWER✔✔-Shall
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Include any interest or estate in real property. Does NOT include the
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interest of oil, gas or other mineral interest
| | | | | | |
Real Estate Broker - CORRECT ANSWER✔✔-Shall include any person ,
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Partnership, association, or cooperation, who for a fee lists, sells, offers
| | | | | | | | | | |
to sell, buys, or attempts to buy, exchanges, rents, leases, or attempts to
| | | | | | | | | | | |
negotiate any such activity
| | | |
Broker Associate - CORRECT ANSWER✔✔-Shall include any person who
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is qualified for a license as a broker and in any act, or transaction set in
| | | | | | | | | | | | | | | |
in broker definition
| |
Real Estate Associate - CORRECT ANSWER✔✔-Any person having
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renewable license and employed or engaged by, or associated as and
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independent contractor with a real estate broker to do or deal in any
| | | | | | | | | | | | |
act, acts or transactions set out in the definition of real estate broker
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Provisional Sales associate - CORRECT ANSWER✔✔-Shall Include any
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person who has been licensed after June 30, 1993 employed by a real
| | | | | | | | | | | | |
estate broker to do or deal in any act, or transactions set out in the
| | | | | | | | | | | | | | |
,definition of real estate broker. and subject to an additional 45 hour
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post license educational requirement to be completed within 12 months
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Licensee - CORRECT ANSWER✔✔-Shall include any person who
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performs any act, acts or transactions set out in the definition of a
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broker and licensed under the OREC
| | | | |
Commission - CORRECT ANSWER✔✔-Shall Mean the Oklahoma Real
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estate Commission
|
Person - CORRECT ANSWER✔✔-Shall Include and mean every
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individual, partnership, Association or corporation, foreign and
| | | | | | |
domestic.
How Many Members does the OREC Have? - CORRECT ANSWER✔✔-7
| | | | | | | | | |
Members
What or who Regulates and issues real estate licenses in OK - CORRECT
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ANSWER✔✔-Oklahoma Real Estate Commission | | |
What are the basic requirements to serve as a commissioner - CORRECT
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ANSWER✔✔-All members should be citizens and resident of the state of| | | | | | | | | |
OK for at least three years prior to their appointment.
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,Based on the occupation, how is the commission compromised -
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CORRECT ANSWER✔✔-5 members Shall be licensed real estate brokers
| | | | | | | | |
with 5 years of active experience. 1 member shall be a lay person not in
| | | | | | | | | | | | | | |
the real estate business. and 1 member shall be an active representative
| | | | | | | | | | |
of a school of real estate located in OK.
| | | | | | | | |
What is the limitation regard congressional districts - CORRECT
| | | | | | | | |
ANSWER✔✔-No more than 2 members shall be appointed from the | | | | | | | | | |
same congressional district.
| |
Who appoints OREC Members - CORRECT ANSWER✔✔-Appointed by
| | | | | | | |
the Governor with the advice and the consent of the senate
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How long is the term of an OREC member - CORRECT ANSWER✔✔-
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Terms are 4 years and until their successor is apponted
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What organization recommends candidates to serve as commissioners -
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CORRECT ANSWER✔✔-Oklahoma Association of realtors, INC
| | | | |
Who can remove members of OREC and for what causes/reasons -
| | | | | | | | | | |
CORRECT ANSWER✔✔-Members may be removed by the Governor, For
| | | | | | | | |
inefficiency, neglect, or malfeasance in office int eh manner provided by
| | | | | | | | | | |
law
, How much does the OREC earn while serving in an OREC capacity -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔-Travel expenses essential to performing the
| | | | | | |
duties to his office
| | |
What are the OREC Leadership positions - CORRECT ANSWER✔✔-
| | | | | | | |
Chairman, Vice chairman, secretary- treasurer,| | | |
What is the OREC revolving fund - CORRECT ANSWER✔✔-Consist of all
| | | | | | | | | | |
monies received by the OREC
| | | |
How often in the revolving fund audited and by whom? - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-once a year and by the state auditor and inspector | | | | | | | | |
Can OREC Sue an be Sued - CORRECT ANSWER✔✔-yes
| | | | | | | |
Where must the OREC office be located - CORRECT ANSWER✔✔-
| | | | | | | | |
Oklahoma city, Ok | |
What are the powers and duties of OREC - CORRECT ANSWER✔✔-
| | | | | | | | | |
1.promulgate rules |
2.administer examinations |
3. to sell to other entities, computer testing and license applications to
| | | | | | | | | | | |
recover funds. | |
Correct Answers
How does the code Define Real Estate? - CORRECT ANSWER✔✔-Shall
| | | | | | | | | |
Include any interest or estate in real property. Does NOT include the
| | | | | | | | | | | |
interest of oil, gas or other mineral interest
| | | | | | |
Real Estate Broker - CORRECT ANSWER✔✔-Shall include any person ,
| | | | | | | | | |
Partnership, association, or cooperation, who for a fee lists, sells, offers
| | | | | | | | | | |
to sell, buys, or attempts to buy, exchanges, rents, leases, or attempts to
| | | | | | | | | | | |
negotiate any such activity
| | | |
Broker Associate - CORRECT ANSWER✔✔-Shall include any person who
| | | | | | | | |
is qualified for a license as a broker and in any act, or transaction set in
| | | | | | | | | | | | | | | |
in broker definition
| |
Real Estate Associate - CORRECT ANSWER✔✔-Any person having
| | | | | | | |
renewable license and employed or engaged by, or associated as and
| | | | | | | | | | |
independent contractor with a real estate broker to do or deal in any
| | | | | | | | | | | | |
act, acts or transactions set out in the definition of real estate broker
| | | | | | | | | | | |
Provisional Sales associate - CORRECT ANSWER✔✔-Shall Include any
| | | | | | | |
person who has been licensed after June 30, 1993 employed by a real
| | | | | | | | | | | | |
estate broker to do or deal in any act, or transactions set out in the
| | | | | | | | | | | | | | |
,definition of real estate broker. and subject to an additional 45 hour
| | | | | | | | | | | |
post license educational requirement to be completed within 12 months
| | | | | | | | |
Licensee - CORRECT ANSWER✔✔-Shall include any person who
| | | | | | | |
performs any act, acts or transactions set out in the definition of a
| | | | | | | | | | | | |
broker and licensed under the OREC
| | | | |
Commission - CORRECT ANSWER✔✔-Shall Mean the Oklahoma Real
| | | | | | | |
estate Commission
|
Person - CORRECT ANSWER✔✔-Shall Include and mean every
| | | | | | | |
individual, partnership, Association or corporation, foreign and
| | | | | | |
domestic.
How Many Members does the OREC Have? - CORRECT ANSWER✔✔-7
| | | | | | | | | |
Members
What or who Regulates and issues real estate licenses in OK - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-Oklahoma Real Estate Commission | | |
What are the basic requirements to serve as a commissioner - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-All members should be citizens and resident of the state of| | | | | | | | | |
OK for at least three years prior to their appointment.
| | | | | | | | | |
,Based on the occupation, how is the commission compromised -
| | | | | | | | | |
CORRECT ANSWER✔✔-5 members Shall be licensed real estate brokers
| | | | | | | | |
with 5 years of active experience. 1 member shall be a lay person not in
| | | | | | | | | | | | | | |
the real estate business. and 1 member shall be an active representative
| | | | | | | | | | |
of a school of real estate located in OK.
| | | | | | | | |
What is the limitation regard congressional districts - CORRECT
| | | | | | | | |
ANSWER✔✔-No more than 2 members shall be appointed from the | | | | | | | | | |
same congressional district.
| |
Who appoints OREC Members - CORRECT ANSWER✔✔-Appointed by
| | | | | | | |
the Governor with the advice and the consent of the senate
| | | | | | | | | |
How long is the term of an OREC member - CORRECT ANSWER✔✔-
| | | | | | | | | | |
Terms are 4 years and until their successor is apponted
| | | | | | | | |
What organization recommends candidates to serve as commissioners -
| | | | | | | | |
CORRECT ANSWER✔✔-Oklahoma Association of realtors, INC
| | | | |
Who can remove members of OREC and for what causes/reasons -
| | | | | | | | | | |
CORRECT ANSWER✔✔-Members may be removed by the Governor, For
| | | | | | | | |
inefficiency, neglect, or malfeasance in office int eh manner provided by
| | | | | | | | | | |
law
, How much does the OREC earn while serving in an OREC capacity -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔-Travel expenses essential to performing the
| | | | | | |
duties to his office
| | |
What are the OREC Leadership positions - CORRECT ANSWER✔✔-
| | | | | | | |
Chairman, Vice chairman, secretary- treasurer,| | | |
What is the OREC revolving fund - CORRECT ANSWER✔✔-Consist of all
| | | | | | | | | | |
monies received by the OREC
| | | |
How often in the revolving fund audited and by whom? - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-once a year and by the state auditor and inspector | | | | | | | | |
Can OREC Sue an be Sued - CORRECT ANSWER✔✔-yes
| | | | | | | |
Where must the OREC office be located - CORRECT ANSWER✔✔-
| | | | | | | | |
Oklahoma city, Ok | |
What are the powers and duties of OREC - CORRECT ANSWER✔✔-
| | | | | | | | | |
1.promulgate rules |
2.administer examinations |
3. to sell to other entities, computer testing and license applications to
| | | | | | | | | | | |
recover funds. | |
