OKLAHOMA REAL ESTATE PORTION //
PSI REAL ESTATE TEST EXAM 2025
QUESTIONS AND ANSWERS
The Oklahoma Real Estate License Code and Rules as of November 1, 2016 - ANS Code
any person, partnership, association or corporation who for a fee lists, sells, offers to buy,
exchange, rents, or leases real estate - ANS Real Estate Broker
Any person who has qualified for a license as a broker and who is acting on behalf of the broker
- ANS Broker Associate
any person having a renewable license and working for a real estate broker - ANS Real Estate
Sales Associate
Any person who has been licensed after June 30, 1993, and working for a real estate broker and
subject to an additional 45 clock-hour post-licensing educational requirement to be completed
within the twelve-month license term - ANS Provisional Sales Associate
to officially put a law into effect - ANS Promulgate
The Oklahoma Real Estate Commission (OREC) has been re-created to continue until July 1,
2017 and is in accordance with what Laws? - ANS OREC is in accordance to the State's Sunset
Law provisions
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, OREC consists of how many members? - ANS It consists of 7 members
What authority does OREC have? - ANS OREC has the authority to REGULATE and ISSUE Real
Estate Licenses
T/F
All members of OREC must be members of the United States - ANS TRUE
All members of OREC MUST be citizens of the United States
All members must be residents of that state for how many years before before they can be
appointed? - ANS All members MUST LIVE IN THE STATE FOR 3 YEARS before they can be
appointed
How many members of the OREC must be licensed Real Estate Brokers? - ANS 5 members
must be licenses RE brokers
How many years of active experience do the RE brokers have to have before appointment? -
ANS To be appointed, these OREC members MUST have had 5 years of ACTIVE Broker
experiences before being appointed
T/F
2 People must be a lay person not in the RE business - ANS FALSE
1 person in OREC has to be lay and have had no experience in Real Estate
How many members of the OREC must be an active representative of a school of real estate
2
located within the State of Oklahoma? - ANS ONE (1) person
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, e.g. Charles Barnes
How many members can be appointed from the same congressional district? - ANS NO
MORE THAN 2 per Congressional District
Who are the members of OREC appointed BY? - ANS OREC members are appointed by the
Governor with the advice and consent of the Senate
How long is an OREC term? - ANS An OREC member has a serving term for 4 years
T/F
Members of the OREC are entitled to receive Travel Expense Reimbursement - ANS TRUE
They are reimbursed for travel expenses
OREC has the LEGAL STATUS and MANDATE to do what? - ANS OREC HAS THE LEGAL STATUS
AND MANDATE TO:
-SUE and BE SUED in its official name
-Affix an official seal to legal documents
-Report all fees charged, collected, and received at the close of each fiscal year with the
Governor and State Auditor and Inspector
OREC has the authority and duty to perform what acts or tasks? - ANS OREC has the
authority to perform:
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Page
@COPYRIGHT FYNDLAY 2025/2026
PSI REAL ESTATE TEST EXAM 2025
QUESTIONS AND ANSWERS
The Oklahoma Real Estate License Code and Rules as of November 1, 2016 - ANS Code
any person, partnership, association or corporation who for a fee lists, sells, offers to buy,
exchange, rents, or leases real estate - ANS Real Estate Broker
Any person who has qualified for a license as a broker and who is acting on behalf of the broker
- ANS Broker Associate
any person having a renewable license and working for a real estate broker - ANS Real Estate
Sales Associate
Any person who has been licensed after June 30, 1993, and working for a real estate broker and
subject to an additional 45 clock-hour post-licensing educational requirement to be completed
within the twelve-month license term - ANS Provisional Sales Associate
to officially put a law into effect - ANS Promulgate
The Oklahoma Real Estate Commission (OREC) has been re-created to continue until July 1,
2017 and is in accordance with what Laws? - ANS OREC is in accordance to the State's Sunset
Law provisions
1
Page
@COPYRIGHT FYNDLAY 2025/2026
, OREC consists of how many members? - ANS It consists of 7 members
What authority does OREC have? - ANS OREC has the authority to REGULATE and ISSUE Real
Estate Licenses
T/F
All members of OREC must be members of the United States - ANS TRUE
All members of OREC MUST be citizens of the United States
All members must be residents of that state for how many years before before they can be
appointed? - ANS All members MUST LIVE IN THE STATE FOR 3 YEARS before they can be
appointed
How many members of the OREC must be licensed Real Estate Brokers? - ANS 5 members
must be licenses RE brokers
How many years of active experience do the RE brokers have to have before appointment? -
ANS To be appointed, these OREC members MUST have had 5 years of ACTIVE Broker
experiences before being appointed
T/F
2 People must be a lay person not in the RE business - ANS FALSE
1 person in OREC has to be lay and have had no experience in Real Estate
How many members of the OREC must be an active representative of a school of real estate
2
located within the State of Oklahoma? - ANS ONE (1) person
Page
@COPYRIGHT FYNDLAY 2025/2026
, e.g. Charles Barnes
How many members can be appointed from the same congressional district? - ANS NO
MORE THAN 2 per Congressional District
Who are the members of OREC appointed BY? - ANS OREC members are appointed by the
Governor with the advice and consent of the Senate
How long is an OREC term? - ANS An OREC member has a serving term for 4 years
T/F
Members of the OREC are entitled to receive Travel Expense Reimbursement - ANS TRUE
They are reimbursed for travel expenses
OREC has the LEGAL STATUS and MANDATE to do what? - ANS OREC HAS THE LEGAL STATUS
AND MANDATE TO:
-SUE and BE SUED in its official name
-Affix an official seal to legal documents
-Report all fees charged, collected, and received at the close of each fiscal year with the
Governor and State Auditor and Inspector
OREC has the authority and duty to perform what acts or tasks? - ANS OREC has the
authority to perform:
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Page
@COPYRIGHT FYNDLAY 2025/2026
