OREC Laws & Rules Affecting Practice in OK (Real Estate) Latest Version Graded A+

OREC Laws & Rules Affecting Practice in OK (Real Estate) Latest Version Graded A+ How long must a released felon sentenced for embezzlement wait before applying for a license? 10 years Under what condition must a licensee disclose real estate license status? When attempting to purchase property for themselves Licensees are required to complete continuing education hours within the thirty-six (36) months immediately preceding the term for which the license is to be issued How many education hours are required for obtaining a brokers license? 90 clock hours All acts performed by a broker associate or provisional sales associate under the provisions of the Real Estate License Code must be done only in the name of the associate's broker Which of the following actions would be classified as a substantial misrepresentation? Failing to disclose to a buyer any known material defects Which of the following statements is TRUE? A broker is not required to open a trust account unless funds or items are held in escrow How long must a person with a revoked license wait to reapply? 3 years Where are all code violation fines deposited? Oklahoma Real Estate Education and Recovery Fund Which of the following statements best defines the concept of promulgate? To put a law into effect officially A broker may provide brokerage services to both parties in a transaction When must all escrow funds be deposited? Before the end of the third banking day following acceptance of an offer Under what circumstance, if any can a broker have an interest bearing escrow account? When the account is disclosed in writing to all parties and states which party receives the interest Which entity keeps custody of an associate's license? The associate's broker A revoked license must be returned to the Commission Which of the following statements best defines the concept of nolo contendere? A defendant accepts conviction as though a guilty plea had been entered but does not admit guilt How much education credit can a licensee earn for meetings which are a normal part of in-house training? None How are members appointed to the Commission? The Governor Any unlicensed person who violates real estate law may be guilty of a misdemeanor punishable by a fine of not more than One Thousand