Oklahoma Real Estate Sales Associate Exam — All Questions
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Which agency administers and enforces the real estate license law in Oklahoma?
- a.The Oklahoma Department of Commerce
- b.The Oklahoma Association of Realtors
- c.The Oklahoma Real Estate Commission✓
- d.The Oklahoma Insurance Department
The Oklahoma Real Estate Commission (OREC) administers and enforces the Oklahoma Real Estate License Code and issues, renews, and disciplines licenses for sales associates and brokers.
In Oklahoma, a first-time applicant who passes the exam is typically issued which license?
- a.Broker associate
- b.Provisional sales associate✓
- c.Managing broker
- d.Permanent broker
Oklahoma issues most first-time licensees a 'provisional sales associate' license. The provisional sales associate must complete required post-license education within the first license period to move to a full sales associate license.
The Oklahoma Real Estate Education and Recovery Fund exists primarily to:
- a.Reimburse consumers who obtain an unpaid court judgment against a licensee for certain violations, up to statutory limits✓
- b.Pay the operating budget of the Commission
- c.Fund licensee retirement benefits
- d.Provide loans to brokerages
The Oklahoma Real Estate Education and Recovery Fund reimburses members of the public who obtain a valid, unpaid court judgment against a licensee arising from certain violations of the license law, subject to per-transaction and per-licensee statutory caps. A licensee whose conduct causes a payout may have their license suspended until they repay the fund.