Oklahoma real estate: exam Questions And Answers Rated A+ New Update Assured Satisfaction

According to the rules what constitutes good moral character - Answer-(1) Whether the probation period given in a conviction has been completed and fully satisfied to include fines, court costs, etc. (2) Whether the restitution ordered by a court in a criminal conviction or civil judgement has been fully satisfied. (3) Whether a bankruptcy that is real estate related has been discharged. (4) Whether an applicant has been denied licensure or a license has been suspended or revoked by this or any other state or jurisdiction to practice or conduct any regulated profession, business or vocation According to the rules, what is the definition of advertising - Answer-all forms of representation, promotion and solicitation disseminated in any manner and by any means of communication to consumers for any purpose related to licensed real estate activity. After 30 days, what is the amount of the fine - Answer-Fines shall double and the licensee shall have an additional thirty day period. After a transaction closes or terminates, for how long must a broker maintain the records - Answer-a minimum of five (5) years after consummation or termination All acts performed by an associate must be in the name of whom - Answer-done only in the name of the associate's broker. Are brokers required by OREC to maintain a trust account - Answer-not unless monies or other depositable items belonging to others are accepted by the broker Based on the occupation, how is the commission compromised - Answer-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.Broker Associate - Answer-Shall include any person who is qualified for a license as a broker and in any act, or transaction set in in broker definition Broker office signs must have letters at least what size - Answer-all in letters not less than one (1) inch in height By when must a renewal be filed - Answer-by midnight of the date on which the license is due to expire. Can OREC Sue an be Sued - Answer-yes Commission - Answer-Shall Mean the Oklahoma Real estate Commission Continuing education pertains to laws at what level of the government - Answer-federal, state and local laws and regulations which affect real estate practices Contract forms committee members serve for how long - Answer-The initial members' terms shall begin upon development of the forms and each member shall serve through the effective date of implementation of form(s) plus one (1) year Does OREC establish the Commission rate for real estate services - Answer-No