Charles Barnes Real Estate Questions and Answers Already Passed

Charles Barnes Real Estate Questions and Answers Already Passed How does the Code define Real Estate??? Any interest or estate in real property, within or without the State of Oklahoma, whether vested, continent or future, corporeal or incorporeal, freehold or nonfreehold, and including leaseholds, options and unit ownership estates to include condominiums, time-shared ownerships and cooperatives; provided, however, that the term "real estate" show not include oil, gas or other mineral interests, or oil, gas or other mineral leases; and provided further, that the provisions of this Code shall not apply to any oil, gas or mineral interest or lease or the sale, purchase or exchange thereof How does the Code define Real Estate Broker? Any person, partnership, association or corporation, foreign or domestic, who for a fee, commission or other valuable consideration, lists, sells or offers to sell, buy or offers to buy, exchanges, rents or leases any real estate, or who negotiates or attempts to negotiate any such activity, or solicits listing of places for rent or lease, or solicits for prospective tenants, purchasers or sellers, or who advertises or holds himself out as engaged in such activites How does the Code define Broker associate? Any person who has qualified for a license as a broker and who is employed or engaged by, associated as an independent contractor with, or on behalf of, a broker to do or deal in any act, acts or transaction set out in the definition of a broker. How does the Code define Real Estate Associate? Any person having a renewable license and employed or engaged by, or associated as an independent contractor with, or on behalf of, a real estate broker to do or deal in any act, acts or transactions set out in the definition of a real estate broker. How does the Code define Provisional Sales Associate? Any person who has been license after June 30, 1993, employed or engaged by, or associated as an independent contractor with, or on behalf of, a real estate broker to do or deal in any act, acts or transactions set out in the definition of a real estate broker and subject to an additional 45 hour postlicensing educational requirement to be completed within the 12 month license term. What is the definition of a Licensee? Any person who performs an act, acts or transactions set out in the definitions of a broker and licensed under the Oklahoma Real Estate License Code. What is the Commission? The Oklahoma Real Estate Commission. How does the Code define "person"? Every individual, partnership, association or corporation, foreign or domestic. The Oklahoma Real Estate Commission has how many members? 7 What or who regulates & issues real estate licenses in Oklahoma? The Commission What are the basic requirements to serve as a Commissioner? 1. US Citizen. 2. Oklahoma resident for at least 3 years (all members). 3. 5 years active experience as a real estate broker & be engaged full time in the brokerage business. (5 members). 4. Lay person no in the real estate business (1 member). 5. Active representative of a school of real estate (1 member). Based on occupation, how is the Commission compromised? 5 real estate members 1 lay person not in the real estate business 1 active representative of a school of real estate What is the limitation regarding Congressional Districts? No more than 2 members from the same congressional district. Who appoints OREC Members? The Governor