What is the major purpose of the Oklahoma real estate Education and Recovery Fund?

Which of the following penalties may be imposed by the Oklahoma Real Estate Commission upon conviction of license code violation?

In addition to any other penalties provided by law, any person unlicensed pursuant to The Oklahoma Real Estate License Code who shall willingly and knowingly violate any provision of this Code, upon conviction, shall be guilty of a misdemeanor punishable by a fine of not more than One Thousand Dollars ($1,000.00), or

What does the Oklahoma real estate education and recovery fund pay for?

Monies in the fund shall be used to reimburse any person claimant who has been awarded a judgment, subject to subsection C of this section, by a court of competent jurisdiction to have suffered monetary damages by an Oklahoma real estate licensee in any transaction for which a license is required under the Oklahoma

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How many Oklahoma commissioners can come from the general public?

Districts. The Board of County Commissioners, created by the State Constitution, is composed of three Commissioners elected by the people. The County is divided into three districts, as equal in population as possible and numbered 1, 2, and 3 respectively. One Commissioner is elected from each district.

Can the Oklahoma Real Estate Commission be sued?

The Commission may sue and be sued in its official name, and service of summons upon the Secretary- Treasurer of the Commission shall constitute lawful service upon the Commission. … The office of the Commission shall be at Oklahoma City, Oklahoma. §858-207.

Who of the following do not require a real estate license?

A real estate investor may, or may not need to have a real estate license. If an investor is buying and selling their own properties, they don’t need a real estate license. Anyone can buy and sell their own property without representation, and without a license.

Under what condition can confidential information be released?

Q: Under what conditions can you disclose confidential information? A: If the disclosure is required by law. Explain: You or your firm can disclose confidential information without client consent if mandated by law. Q: Which type of information is NOT automatically considered confidential?

Can a seller cancel a real estate contract in Oklahoma?

In Oklahoma, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale.

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What is the Oklahoma broker relationship act?

Defined. The Oklahoma Broker Relationships Act is a state statute that requires a real estate company providing brokerage services to one or both parties to notify those parties in writing of said services, including if less than full service will be preformed by the broker.

When land is torn from a bank by the action of a violent river?

If you’ve ever watched a river during a major storm or flood, you probably have seen a bit of avulsion. Avulsion is a sudden and perceptible change in the land brought about by water. Avulsion may result in the addition or removal of land from a bank or shoreline.

What is the fine for practicing real estate without a license in Oklahoma?

Any person practicing in such manner within this state, who is not in the legal possession of a license or certificate, shall, upon conviction, be guilty of a felony, punishable by a fine in an amount not less than One Thousand Dollars ($1,000.00) nor more than Ten Thousand Dollars ($10,000.00), or by imprisonment in …

What does OREC stand for?

OREC

Acronym Definition
OREC Oklahoma Real Estate Commission
OREC Office de Redressement Economique (French: Office of Economic Recovery; Belgium)
OREC Organisation of Rice Exporting Countries
OREC Ohio Rural Electric Cooperatives, Inc. (Columbus, OH)

What states have reciprocity with Oklahoma real estate license?

Real Estate License Reciprocity: Oklahoma has reciprocity agreements with these states: Alabama, Arkansas, Iowa, Louisiana, Maryland, Nebraska, North Dakota, South Dakota, West Virginia.