OKLAHOMA REAL ESTATE COMPREHENSIVE EXAM
UPDATED QUESTIONS AND ANSWERS SURE A+
✔✔Complaints may be filed by the public or by the commission's own motion. Once a
complaint is filed what process will take place? - ✔✔-A complaint notice will be sent
immediately to the subject licensee or unlicensed person
-The complaint recipient will be required to file an adequate written response within
FIFTEEN (15) DAYS of the notice
-Subsequent to the FIFTEEN DAYS answer period, an investigation will be conducted
to ascertain whether or not charges should be lodged and a formal hearing ordered
-At the completion of the investigation a written report is submitted to the Commission
-The Commission will then determine whether or not the evidence warrants formal
charges, and if so, will order a hearing
-If a formal hearing is ordered, all parties will receive copies of any written report
accompanied by the findings, if any. The Commission must provide at least a FIFTEEN
(15) day written hearing notice to parties in the complaint
✔✔If the commission finds that public health, safety, or welfare is in jeopardy,
emergency action can be taken to order a summary suspension of a licensee pending
proceedings for revocation or other action within how many days? - ✔✔WITHIN 30
DAYS
-the summary suspension will remain in effect until further order by the Commission
✔✔T/F
A licensee is responsible to account for all non-owned valuables that transfer into his or
her possession as a result of a real estate transaction - ✔✔TRUE
✔✔What are some of the MAJOR BROKER duties and responsibilities as noted in the
CODE? - ✔✔-A broker must deposit all checks and monies belonging to others in a
separate account in a financial institution wherein the deposits are insured by an agency
of the federal government
-the broker is required to be a signor on the account
-the account must be a trust account in the name of the broker as it appears on the
license or trade name as registered with the commission
, -all Escrow funds must be deposited before the end of the THIRD BANKING DAY
following the acceptance of an offer, unless otherwise agreed to in writing by all parties
-the broker MUST maintain funds in the TRUST ACCOUNT UNTIL the Transaction is
consummated or terminated and proper accounting is made
-AT ALL TIMES, the broker must maintain an accurate and detailed record of all funds
thereof.
✔✔Deposit Funds are referred to as? - ✔✔-Earnest Money deposits
-Money received upon final settlements
-Rents and Security Deposits
-Money advanced in the payment of closing expenses
-Money advanced for expenditures on behalf of subject principal
✔✔The duty of account for the Sales Associate is what? - ✔✔The Associate is:
-Required to turn over all documents, files and monies deposited, payments made, or
things of value received by the associate to his or her broker promptly
-required to deliver a copy of ALL TRANSACTIONS instruments to the appropriate
parties in the transaction
-Not authorized to open or maintain a trust or escrow account
✔✔In the event of dispute, the broker must retain Escrow Money or valuables until
what? - ✔✔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 in to the court
✔✔In the absence of a pending civil action and upon the passage of 30 days from the
date of final termination of the contract, the broker may do what? - ✔✔The broker may
disburse escrow monies or valuables to either the purchaser or seller based on good
decision by the broker that the opposite party has failed to perform the agreed upon
action
✔✔Disbursements can be made after how many days written notice to all parties
concerned? - ✔✔15 days after written notice to all parties
✔✔What are key trust account management CODE policies and rules? - ✔✔-
Commingling of broker funds is prohibited. Deposits of personal funds necessary to
service the account are acceptable
-an interest bearing account is acceptable, but it must be disclosed in writing to all
parties that the account bears interest. The commission does not prohibit the broker
UPDATED QUESTIONS AND ANSWERS SURE A+
✔✔Complaints may be filed by the public or by the commission's own motion. Once a
complaint is filed what process will take place? - ✔✔-A complaint notice will be sent
immediately to the subject licensee or unlicensed person
-The complaint recipient will be required to file an adequate written response within
FIFTEEN (15) DAYS of the notice
-Subsequent to the FIFTEEN DAYS answer period, an investigation will be conducted
to ascertain whether or not charges should be lodged and a formal hearing ordered
-At the completion of the investigation a written report is submitted to the Commission
-The Commission will then determine whether or not the evidence warrants formal
charges, and if so, will order a hearing
-If a formal hearing is ordered, all parties will receive copies of any written report
accompanied by the findings, if any. The Commission must provide at least a FIFTEEN
(15) day written hearing notice to parties in the complaint
✔✔If the commission finds that public health, safety, or welfare is in jeopardy,
emergency action can be taken to order a summary suspension of a licensee pending
proceedings for revocation or other action within how many days? - ✔✔WITHIN 30
DAYS
-the summary suspension will remain in effect until further order by the Commission
✔✔T/F
A licensee is responsible to account for all non-owned valuables that transfer into his or
her possession as a result of a real estate transaction - ✔✔TRUE
✔✔What are some of the MAJOR BROKER duties and responsibilities as noted in the
CODE? - ✔✔-A broker must deposit all checks and monies belonging to others in a
separate account in a financial institution wherein the deposits are insured by an agency
of the federal government
-the broker is required to be a signor on the account
-the account must be a trust account in the name of the broker as it appears on the
license or trade name as registered with the commission
, -all Escrow funds must be deposited before the end of the THIRD BANKING DAY
following the acceptance of an offer, unless otherwise agreed to in writing by all parties
-the broker MUST maintain funds in the TRUST ACCOUNT UNTIL the Transaction is
consummated or terminated and proper accounting is made
-AT ALL TIMES, the broker must maintain an accurate and detailed record of all funds
thereof.
✔✔Deposit Funds are referred to as? - ✔✔-Earnest Money deposits
-Money received upon final settlements
-Rents and Security Deposits
-Money advanced in the payment of closing expenses
-Money advanced for expenditures on behalf of subject principal
✔✔The duty of account for the Sales Associate is what? - ✔✔The Associate is:
-Required to turn over all documents, files and monies deposited, payments made, or
things of value received by the associate to his or her broker promptly
-required to deliver a copy of ALL TRANSACTIONS instruments to the appropriate
parties in the transaction
-Not authorized to open or maintain a trust or escrow account
✔✔In the event of dispute, the broker must retain Escrow Money or valuables until
what? - ✔✔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 in to the court
✔✔In the absence of a pending civil action and upon the passage of 30 days from the
date of final termination of the contract, the broker may do what? - ✔✔The broker may
disburse escrow monies or valuables to either the purchaser or seller based on good
decision by the broker that the opposite party has failed to perform the agreed upon
action
✔✔Disbursements can be made after how many days written notice to all parties
concerned? - ✔✔15 days after written notice to all parties
✔✔What are key trust account management CODE policies and rules? - ✔✔-
Commingling of broker funds is prohibited. Deposits of personal funds necessary to
service the account are acceptable
-an interest bearing account is acceptable, but it must be disclosed in writing to all
parties that the account bears interest. The commission does not prohibit the broker
