Oklahoma Real Estate Broker Exam — All Questions

Under the Commission's own definition in OAC 605:10-1-2, an Oklahoma broker is the person the Commission holds responsible for:

• a.All actions of the associates who ask that broker for guidance
• b.All actions of the associates who are assigned to that broker✓
• c.All actions of the associates in their first year of licensure
• d.All actions of the associates that the broker personally approved

The rule's definition of "broker" ends by naming the person "whom the Commission shall hold responsible for all actions of associates who are assigned to said broker." The trigger is assignment, not the associate's request for help, not the associate's seniority and not the broker's own sign-off — a broker who never saw the conduct is still answerable for it. Rule 605:10-9-1(a) supplies the operative duty: each broker "shall be available to manage and supervise such brokerage practice," which must be available to the public during reasonable business hours. Subsection (g) extends the same responsibility to "all real estate related activities of any unlicensed assistant working within the firm." On the consequences, 858-208(6) lets the Commission discipline a licensee on a showing of good cause by reprimand, probation, additional education, suspension, revocation, administrative fine or any combination, and 858-312(9) makes disregarding or violating any provision of the Code or the Commission's rules a cause in itself.

OAC 605:10-9-1 requires an Oklahoma broker's place of business to be:

• a.A commercially zoned suite, because a broker may not operate from a residence
• b.Open to the public twenty-four hours a day so documents can be delivered there
• c.At least one enclosed room or building of stationary construction, allowing privacy✓
• d.Registered jointly by the broker and by every associate assigned to that office

Rule 605:10-9-1(a)(1) requires that "the place of business shall consist of at least one enclosed room or building of stationary construction wherein negotiations and closing of real estate transactions of others may be conducted and carried on with privacy and wherein the broker's books, records and files pertaining to real estate transactions of others are maintained," and (a)(2) requires the broker to register a physical business address and office telephone number for each place of business. Subsection (c) says plainly that "the office may be in the residence of the broker," so no commercial zoning test exists. The access standard in (a) is availability "to the public during reasonable business hours," not around the clock. And associates cannot register an office: subsection (d) provides that "associates are not permitted to have a place of business, but must be registered with a place of business maintained and registered in the name of the broker." Section 858-310(B) requires a branch office license for each additional location, each under the direction and supervision of a separate broker.

Before any Oklahoma property is advertised for sale, OAC 605:10-9-4 requires the owner's permission, and that permission must carry:

• a.A notarized signature from every owner of record shown on the title
• b.The listing associate's countersignature as the broker's designated agent
• c.A recital of the commission the owner has agreed to pay on the sale
• d.A definite date of expiration on the owner's authorization to advertise✓

Rule 605:10-9-4(a)(6) provides that "a licensee shall not advertise any property for sale, rent, lease, or exchange in any media unless the broker has first secured the permission of the owner or the owner's authorized representative and said permission has a definite date of expiration." Open-ended authority to advertise is the thing the rule forbids. The supervision half of the subtopic sits in (b)(2) and (c)(2): "all advertising by an associate must be under the direct supervision of the associate's broker," and the same for team advertising. Nothing requires notarization or a countersignature, and the commission figure has no place in the advertising authority — indeed OAC 605:10-17-1(a) keeps the Commission out of rates altogether. Section 858-312(11) backs the rule with discipline for "advertising or offering for sale, rent or lease any real estate, or placing a sign on any real estate offering it for sale, rent or lease without the consent of the owner or the owner's authorized representative."

Under OAC 605:10-9-3, when must an Oklahoma broker register a trade name with the Commission?

• a.In writing, within ten days after the trade name is first used publicly
• b.At the next license renewal after the trade name has been adopted
• c.Only where the trade name differs from the franchise name in use
• d.In writing, before the trade name is advertised or displayed in any way✓

Rule 605:10-9-3 requires that "each licensed broker or entity must register in writing to the Commission all trade names used in connection with real estate activities prior to the trade name being advertised or displayed in any way," and that "each broker is to notify the Commission in writing of all deleted or unused trade names." Registration carries a twenty-five-dollar fee, and the Commission may refuse a submission "too similar to an existing trade name or licensed real estate brokerage that approval will likely confuse the public." Registering after the fact defeats that screening, which is why no ten-day grace period or renewal-cycle filing exists. Franchise names are handled separately by 605:10-9-4(a)(3): a broker operating under a franchise name must reveal the franchise name together with the broker's name or registered trade name in office identification and advertising, "a franchise name shall not be the complete business trade name," and institutional franchise advertising must state that each office is independently owned and operated. Team names are registered separately under 605:10-9-3.2 at a hundred dollars each.

An Oklahoma firm ceases all real estate activities. Under OAC 605:10-13-1(n), advertising in the firm's name must stop and offering signs come down within:

• a.Ten days of the cessation of the firm's real estate activities
• b.Sixty days of the cessation of the firm's real estate activities
• c.Five business days of the cessation of the firm's activities
• d.Thirty days of the cessation of the firm's real estate activities✓

Rule 605:10-13-1(n)(3) requires that "all advertising in the name of the firm must be terminated and offering signs removed within thirty (30) days of cessation of real estate activities." It sits inside a checklist the broker owes in full: written notice to the Commission of the effective date and of where records will be stored; return or destruction of the license certificates; release forms filed for every affiliated licensee; the broker's own license transferred to a new firm or placed inactive; and written notice to all listing and management clients and to the parties and co-brokers on existing contracts. Paragraph (n)(4) keeps the money where it is — trust funds and pending contracts "must be maintained by the responsible broker until consummation of transaction and final proper disbursal of funds," after which the account is closed and the Commission told in writing. Where the broker cannot continue, (n)(5) allows transfer to another authorized broker or legal representative only on written Commission approval plus new agreements from all parties. Rule 605:10-9-7 routes the cessation of any portion of a firm's activities through the same provision, and (n)(7) gives a firm merger thirty days to file the paperwork.

A sole-proprietor Oklahoma broker dies. Under OAC 605:10-9-6, the money in the firm's trust account must be:

• a.Paid over to the Commission, which holds it pending each client's written claim to it
• b.Held by the administrator, executor or co-signer until all parties agree or a court orders✓
• c.Distributed at once to the clients shown on the ledger as of the date of the broker's death
• d.Transferred to the broker's estate as an asset of it and accounted for in the probate case

Rule 605:10-9-6(2)(F) requires whoever winds the firm up to "retain trust account monies under the control of the administrator, executor or co-signer on the account until such time as all parties to each transaction agree in writing to disposition or until a court of competent jurisdiction issues an order relative to disposition." The rest of paragraph (2) is the wind-down: all brokerage activity must cease, and a family attorney or representative notifies the Commission in writing of the date of death or disability, advises where records will be stored, destroys the license certificates of the broker and of everyone associated, notifies each listing and management client in writing that the broker is out of business and that they may go elsewhere, notifies each party and co-broker to existing contracts, tells the Commission the date the trust account will be closed, and stops all advertising and removes offering signs within thirty days. Trust money is other people's money, so it is never an estate asset, and no provision hands it to the Commission. Paying it straight out on the ledger would decide entitlements the rule reserves for agreement or a court. Paragraph (3) applies the same steps to an entity that ceases all brokerage activity.

An Oklahoma broker's license is suspended. Under OAC 605:10-17-6, what becomes of the associates that broker supervised?

• a.They keep working under the suspended broker's license until it is fully revoked
• b.They go inactive for the suspension period unless they transfer to another broker✓
• c.Their licenses are revoked along with the broker's and they must reapply anew
• d.They are assigned by the Commission to the nearest brokerage willing to take them

Rule 605:10-17-6(b)(2) provides that "when a broker's license is suspended/revoked, associates under the suspended/revoked broker's supervision will automatically be placed 'inactive' for the duration of the suspension/revocation period unless the licensee requests to be transferred to another broker." The same treatment runs to a branch office and its licensees under (b)(3), and to the licensees of a corporation, partnership or association whose managing broker is disciplined for an act on its behalf. Around that sit the rest of the shutdown duties: listings must be canceled between receipt of the order and its effective date and are void on that date; the broker may not assign listings elsewhere without the owner's written consent; all advertising stops; pending contracts, items and monies transfer to another responsible broker as the Commission approves; and a Commission representative visits the office before the effective date to check compliance. Section 858-312.1(A) bars the disciplined person from any participating interest in a licensed real estate business, and 858-307.3 bars an application for reissuance for five years after a revocation.

What part does the Oklahoma Real Estate Commission take in setting brokerage commission rates?

• a.It publishes a non-binding schedule of customary rates for each county yearly
• b.It sets a ceiling on residential commissions and reviews that figure every year
• c.It approves the rate each brokerage charges as a condition of license renewal
• d.None; its rules say it shall not establish rates and shall have no interest in them✓

Rule 605:10-17-1(a) states that "the Commission shall not establish the rate of commissions to be charged for real estate services and shall have no interest therein," and (b) lets the Commission dismiss or postpone any investigation or hearing that is essentially a private dispute not affecting the public interest. Rates are a matter between broker and client. Section 858-359(D) reinforces the point from the statutory side: nothing in it "requires a broker to charge, or prohibits a broker from charging, a separate fee or other compensation for each duty or other brokerage services provided during a transaction," and nothing "requires a broker or real estate owner of record to offer compensation to any real estate professional in this state." Subsection (C) permits, without requiring, an offer of compensation to another Oklahoma licensee. What the law does require is disclosure rather than a rate: since November 1, 2024, 858-353(A)(7) obliges the broker to disclose compensation and fees in writing to the represented party before the effective date of the contract for sale or lease, and to state the period the compensation agreement is valid, which may not exceed one year and defaults to sixty days if unspecified.