Oklahoma Real Estate Exam Questions and Answers Rated A+

Oklahoma Real Estate Exam Questions and Answers Rated A+ How does the code Define Real Estate? Shall Include any interest or estate in real property. Does NOT include the interest of oil, gas or other mineral interest Real Estate Broker 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 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 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 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 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 Shall Mean the Oklahoma Real estate Commission Person Shall Include and mean every individual, partnership, Association or corporation, foreign and domestic. How Many Members does the OREC Have? 7 Members What or who Regulates and issues real estate licenses in OK Oklahoma Real Estate Commission What are the basic requirements to serve as a commissioner 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 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 No more than 2 members shall be appointed from the same congressional district. Who appoints OREC Members Appointed by the Governor with the advice and the consent of the senate How long is the term of an OREC member Terms are 4 years and until their successor is apponted What organization recommends candidates to serve as commissioners Oklahoma Association of realtors, INC Who can remove members of OREC and for what causes/reasons 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 Travel expenses essential to performing the duties to his office What are the OREC Leadership positions Chairman, Vice chairman, secretary- treasurer, What is the OREC revolving fund Consist of all monies received by the OREC How often in the revolving fund audited and by whom? once a year and by the state auditor and inspector Can OREC Sue an be Sued yes Where must the OREC office be located Oklahoma city, Ok What are the powers and duties of OREC lgate rules ister examinations 3. to sell to other entities, computer testing and license applications to recover funds.