Oklahoma Real Estate Broker License exam ch. 1-3 Latest Update Graded A+

Oklahoma Real Estate Broker License exam ch. 1-3 Latest Update Graded A+ Doc Stamp Calculation .75 per $500 Purchase price divided by $500 X .75 = Doc stamp cost OREC Jurisdiction extends to the license it issues. OREC's office inspection system is to assist brokers in operating their businesses in a professional and legally acceptable way. When a complaint is filed against a licensee, what is true the licensee is notified and must respond within 15 days. The maximum administrative fine the OREC may impose upon any licensee is $5000 intangible assets long-term assets (e.g., patents, trademarks, copyrights) that have no real physical form but do have value An important commitment employing brokers make to salespeople is providing them with all the listings in the agency. Two leading agencies jointly agree to raise commissions charged a certain class of client to 8% of the sales price. Which of the following is true? Brokers have illegally fixed prices. Conversion is the act of appropriating client or customer deposits for the use in agency's business. The term Realtor can by used by only brokers belonging to the National Association of Realtors. In order to sell interests in a syndication, an agent must have direct participation program license (DPP) from FIRNA A syndication is a group of inactive investors who join with a number of active partners to purchase, manage, and sell properties for a profit. An example of a joint venture is when Two real estate companies agree to conjoin their resources for the development and sale of an apartment complex for which profits will be shared equally. Which of the following represents the core activity of a real estate brokerage? Procuring customers for the clients and effecting transactions. Commingling of funds The mixing of escrow funds with the brokers operating funds. Real Estate Advertising is a regulated activity, one important restriction is Advertising must not be misleading. Pricing property correctly is pivotal to marketing listings, because under pricing a property does