OKLAHOMA REAL ESTATE EXAM
QUESTIONS WITH ANSWERS.
What happens to escrow money/valuables in the event of a dispute prior to
disbursement - correct answer -until he or she has a written release from all
parties consenting to its disposition or until a civil action is filed to determine
its disposition at which time he or she may pay or turn it in to the court
To whom and in what form must a licensee disclose any additional
compensation a licensee may receive for recommending or referring a service
or product or for any beneficial interest a licensee may have in a service or
product provider - correct answer -in writing to all parties on both sides of the
transaction
Who has primary responsibility for a written disclosure - correct answer -His or
her broker
What form does OREC prescribe for disclosures - correct answer
-In writing
When must disclosers be made - correct answer -either prior to or at the time of
Who does NOT determine what brokerage relationship exists - correct answer -
,the associated broker associates, sales associates or provisional sales associates
Who is not authorized to accept delivery of a contract between the parties
unless the contract authorizes such action and this broker agrees to do so -
correct answer -transaction broker
What suggestions may a transaction broker make - correct answer -provide
market information and data which may indicate value and may make a
suggestion regarding value
What may a transaction broker not do - correct answer -advocate for either
party
What is the procedure for disclosure with regards to psychologically impacted
property - correct answer -(1) Purchaser/lessee must be in the process of
making a bona fide offer.
(2) Licensee must receive request in writing from
purchaser/lessee.
(3) Purchaser's/Lessee's written request must state that such factor is
important to the decision of
the purchaser/lessee.
(4) Licensee shall make inquiry of the owner by submitting the written
request to the owner.
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(5) Licensee shall report any findings to the purchaser/lessee with the consent
of the owner.
,(6) If the owner refuses to furnish information requested, the licensee
shall so advise the purchaser/
lessee.
(7) Further, if a purchaser/lessee is requesting information as to whether or
not an occupant of the real estate is, or was at any time suspected to be
infected, or has been infected with Acquired Immune Deficiency Syndrome,
or any other disease which falls under the privacy laws, the information can
only be obtained in accordance with the Public Health and Safety Statute
what happens if a purchaser asks about a property occupant and AIDS - correct
answer -the information can only be obtained in accordance with the Public
Health and Safety Statute
Does OREC establish the Commission rate for real estate services - correct
answer -No
What must happen before OREC will entertain a complaint charging a broker
with failure to pay an earned commission - correct answer -the complaining
licensee submits with his or her complaint evidence that a court of competent
jurisdiction has ruled in his or her favor relative to the subject and awarded
judgment against the broker
Who may file a complaint alleging misconduct against a licensee - correct
answer -any person
, If an OREC form is not used to file a complaint, What must the document
have - correct answer -form is notarized by a notary public
In how many days and in what form does a licensee have to respond to the
complaint - correct answer -file an adequate written response within fifteen
(15) days of the notice
What is the minimum number of days notice for an OREC format hearing -
correct answer -at least fifteen (15) days written notice
Where do OREC form hearing take place - correct answer -shall be set at
such time and place as the Commission through its Secretary-Treasurer may
prescribe
What is the time limit to request a formal hearing postponement - correct
answer -seventy-two (72) hours prior to the hearing
When shall a formal hearing not be in public - correct answer - except that upon
motion of either party
Who documents the procedure of an OREC formal hearing - correct answer -A
courtreporter
QUESTIONS WITH ANSWERS.
What happens to escrow money/valuables in the event of a dispute prior to
disbursement - correct answer -until he or she has a written release from all
parties consenting to its disposition or until a civil action is filed to determine
its disposition at which time he or she may pay or turn it in to the court
To whom and in what form must a licensee disclose any additional
compensation a licensee may receive for recommending or referring a service
or product or for any beneficial interest a licensee may have in a service or
product provider - correct answer -in writing to all parties on both sides of the
transaction
Who has primary responsibility for a written disclosure - correct answer -His or
her broker
What form does OREC prescribe for disclosures - correct answer
-In writing
When must disclosers be made - correct answer -either prior to or at the time of
Who does NOT determine what brokerage relationship exists - correct answer -
,the associated broker associates, sales associates or provisional sales associates
Who is not authorized to accept delivery of a contract between the parties
unless the contract authorizes such action and this broker agrees to do so -
correct answer -transaction broker
What suggestions may a transaction broker make - correct answer -provide
market information and data which may indicate value and may make a
suggestion regarding value
What may a transaction broker not do - correct answer -advocate for either
party
What is the procedure for disclosure with regards to psychologically impacted
property - correct answer -(1) Purchaser/lessee must be in the process of
making a bona fide offer.
(2) Licensee must receive request in writing from
purchaser/lessee.
(3) Purchaser's/Lessee's written request must state that such factor is
important to the decision of
the purchaser/lessee.
(4) Licensee shall make inquiry of the owner by submitting the written
request to the owner.
55
(5) Licensee shall report any findings to the purchaser/lessee with the consent
of the owner.
,(6) If the owner refuses to furnish information requested, the licensee
shall so advise the purchaser/
lessee.
(7) Further, if a purchaser/lessee is requesting information as to whether or
not an occupant of the real estate is, or was at any time suspected to be
infected, or has been infected with Acquired Immune Deficiency Syndrome,
or any other disease which falls under the privacy laws, the information can
only be obtained in accordance with the Public Health and Safety Statute
what happens if a purchaser asks about a property occupant and AIDS - correct
answer -the information can only be obtained in accordance with the Public
Health and Safety Statute
Does OREC establish the Commission rate for real estate services - correct
answer -No
What must happen before OREC will entertain a complaint charging a broker
with failure to pay an earned commission - correct answer -the complaining
licensee submits with his or her complaint evidence that a court of competent
jurisdiction has ruled in his or her favor relative to the subject and awarded
judgment against the broker
Who may file a complaint alleging misconduct against a licensee - correct
answer -any person
, If an OREC form is not used to file a complaint, What must the document
have - correct answer -form is notarized by a notary public
In how many days and in what form does a licensee have to respond to the
complaint - correct answer -file an adequate written response within fifteen
(15) days of the notice
What is the minimum number of days notice for an OREC format hearing -
correct answer -at least fifteen (15) days written notice
Where do OREC form hearing take place - correct answer -shall be set at
such time and place as the Commission through its Secretary-Treasurer may
prescribe
What is the time limit to request a formal hearing postponement - correct
answer -seventy-two (72) hours prior to the hearing
When shall a formal hearing not be in public - correct answer - except that upon
motion of either party
Who documents the procedure of an OREC formal hearing - correct answer -A
courtreporter
