OKLAHOMA REAL ESTATE PORTION //
PSI REAL ESTATE TEST
The Oklahoma Real Estate License Code and Rules as of November 1, 2016 -
correct answer Code
any person, partnership, association or corporation who for a fee lists, sells,
offers to buy, exchange, rents, or leases real estate - correct answer Real Estate
Broker
Any person who has qualified for a license as a broker and who is acting on
behalf of the broker - correct answer Broker Associate
any person having a renewable license and working for a real estate broker -
correct answer Real Estate Sales Associate
Any person who has been licensed after June 30, 1993, and working for a real
estate broker and subject to an additional 45 clock-hour post-licensing
educational requirement to be completed within the twelve-month license term -
correct answer Provisional Sales Associate
to officially put a law into effect - correct answer Promulgate
The Oklahoma Real Estate Commission (OREC) has been re-created to continue
until July 1, 2017 and is in accordance with what Laws? - correct answer OREC is
in accordance to the State's Sunset Law provisions
OREC consists of how many members? - correct answer It consists of 7 members
What authority does OREC have? - correct answer OREC has the authority to
REGULATE and ISSUE Real Estate Licenses
,T/F
All members of OREC must be members of the United States - correct answer
TRUE
All members of OREC MUST be citizens of the United States
All members must be residents of that state for how many years before before
they can be appointed? - correct answer All members MUST LIVE IN THE STATE
FOR 3 YEARS before they can be appointed
How many members of the OREC must be licensed Real Estate Brokers? - correct
answer 5 members must be licenses RE brokers
How many years of active experience do the RE brokers have to have before
appointment? - correct answer To be appointed, these OREC members MUST
have had 5 years of ACTIVE Broker experiences before being appointed
T/F
2 People must be a lay person not in the RE business - correct answer FALSE
1 person in OREC has to be lay and have had no experience in Real Estate
How many members of the OREC must be an active representative of a school of
real estate located within the State of Oklahoma? - correct answer ONE (1) person
e.g. Charles Barnes
How many members can be appointed from the same congressional district? -
correct answer NO MORE THAN 2 per Congressional District
, Who are the members of OREC appointed BY? - correct answer OREC members
are appointed by the Governor with the advice and consent of the Senate
How long is an OREC term? - correct answer An OREC member has a serving
term for 4 years
T/F
Members of the OREC are entitled to receive Travel Expense Reimbursement -
correct answer TRUE
They are reimbursed for travel expenses
OREC has the LEGAL STATUS and MANDATE to do what? - correct answer OREC
HAS THE LEGAL STATUS AND MANDATE TO:
-SUE and BE SUED in its official name
-Affix an official seal to legal documents
-Report all fees charged, collected, and received at the close of each fiscal year
with the Governor and State Auditor and Inspector
OREC has the authority and duty to perform what acts or tasks? - correct answer
OREC has the authority to perform:
-Promulgate Rules, prescribe administrative fees, and make rules necessary to
perform of its duties
-Administer license requirements
PSI REAL ESTATE TEST
The Oklahoma Real Estate License Code and Rules as of November 1, 2016 -
correct answer Code
any person, partnership, association or corporation who for a fee lists, sells,
offers to buy, exchange, rents, or leases real estate - correct answer Real Estate
Broker
Any person who has qualified for a license as a broker and who is acting on
behalf of the broker - correct answer Broker Associate
any person having a renewable license and working for a real estate broker -
correct answer Real Estate Sales Associate
Any person who has been licensed after June 30, 1993, and working for a real
estate broker and subject to an additional 45 clock-hour post-licensing
educational requirement to be completed within the twelve-month license term -
correct answer Provisional Sales Associate
to officially put a law into effect - correct answer Promulgate
The Oklahoma Real Estate Commission (OREC) has been re-created to continue
until July 1, 2017 and is in accordance with what Laws? - correct answer OREC is
in accordance to the State's Sunset Law provisions
OREC consists of how many members? - correct answer It consists of 7 members
What authority does OREC have? - correct answer OREC has the authority to
REGULATE and ISSUE Real Estate Licenses
,T/F
All members of OREC must be members of the United States - correct answer
TRUE
All members of OREC MUST be citizens of the United States
All members must be residents of that state for how many years before before
they can be appointed? - correct answer All members MUST LIVE IN THE STATE
FOR 3 YEARS before they can be appointed
How many members of the OREC must be licensed Real Estate Brokers? - correct
answer 5 members must be licenses RE brokers
How many years of active experience do the RE brokers have to have before
appointment? - correct answer To be appointed, these OREC members MUST
have had 5 years of ACTIVE Broker experiences before being appointed
T/F
2 People must be a lay person not in the RE business - correct answer FALSE
1 person in OREC has to be lay and have had no experience in Real Estate
How many members of the OREC must be an active representative of a school of
real estate located within the State of Oklahoma? - correct answer ONE (1) person
e.g. Charles Barnes
How many members can be appointed from the same congressional district? -
correct answer NO MORE THAN 2 per Congressional District
, Who are the members of OREC appointed BY? - correct answer OREC members
are appointed by the Governor with the advice and consent of the Senate
How long is an OREC term? - correct answer An OREC member has a serving
term for 4 years
T/F
Members of the OREC are entitled to receive Travel Expense Reimbursement -
correct answer TRUE
They are reimbursed for travel expenses
OREC has the LEGAL STATUS and MANDATE to do what? - correct answer OREC
HAS THE LEGAL STATUS AND MANDATE TO:
-SUE and BE SUED in its official name
-Affix an official seal to legal documents
-Report all fees charged, collected, and received at the close of each fiscal year
with the Governor and State Auditor and Inspector
OREC has the authority and duty to perform what acts or tasks? - correct answer
OREC has the authority to perform:
-Promulgate Rules, prescribe administrative fees, and make rules necessary to
perform of its duties
-Administer license requirements
