Chapter 4 questions & answers

77. Which of the following are true regarding licensing real estate entities? A. they require 2 licenses. 1 for the entity and 1 for the sponsoring Broker B. the licenses are always on the same licensing cycle C. if one of licenses terminates - associates will not cease until final license terminates D. all licensed activity may continue until such time as the licenses are actively reinstated.

A. They require two licenses one for the entity and one for the sponsoring broker

72. Exemptions from real estate licensure also include. A. Those persons acting for government or corporation in the acquisition of easements, rights-of-way, leases, permits and licenses B. Resident managers of apartments living outside the apartment complex C. Out-of-state "bird dogs" looking for properties for a fee D. Insurance agents selling real estate.

A. Those persons acting for government or corporation in the acquisition of easement, right away, leases, permits and licenses

51. A person shall not be permitted to file an application for reissuance of a license after revocation of the license within A. 3 years of the effective date. B. 4 years of the effective date. C. 5 years of the effective date. D. 6 years of the effective date.

A. Three years of the effective date

65. What The notice of change in a managing broker member or manager must be accompanied by the appropriate documents as required by the Commission and a change status fee of A. $10.00 B. $25.00 C. $45.00 D. $75.00

B. $25.00

30. Payments from the recovery fund for claims are limited to A. $25,000 for all claimants to the transaction. B. $25,000 for any one transaction. C. $25,000 for all claims against one licensee D. $50,000 for all claims against one licensee.

D. 50,000 for all claims against one licensee

89. The amount of earnest money deposit is usually A. a standard figure. B. determined by the broker. C. a percentage of the sales price. D. negotiated between the seller and the buyer.

D. Negotiated between the seller and the buyer

35. Company policies are helpful to disclose the A. disposition of listings upon disassociation with the Broker. B. travel time compensation due an associate. C. adherence to lunch schedules when performing mandatory desk duty. D. weekends that each associate is required to hold open houses.

A. Disposition of the listings upon disassociation with the broker.

109. If a broker's license is revoked after a hearing, the broker has the right to appeal to the A. district court. B. Oklahoma Association of REALTORS. C. county clerk. D. local board of REALTORS.

A. District court

61. To change the name of an entity such as a corporation, association or limited partnership, the change will cost A. $25.00 per license B. $35.00 per license if there is a change of address C. $45.00 per license if the change includes a merger D. $500 maximum if there are more than 30 associates.

A. $25 per license

43. If the head Broker fails to renew their license and it expires, A. new OREC forms must be executed and payment of fees are required B. no forms would be required to be filled out as long as the broker has mail the money to the OREC. C. the licensee's associated with the broker can continue to market their listings and collect commissions. D. the broker can mail in a license renewal form with a check for the license fee and resume business as normal.

A. A new OREC forms must be executed and payment of fees are required

13. Internet advertising must A. comply with all advertising statutes, local and federal. B. include only the broker's name. C. be overseen by the managing broker and webmaster. D. be a sub-domain of the employing broker.

A. Comply with all advertising statute local and federal

73. Which of the following is exempted from licensure? A. Eminent domain acquisition B. Resident of apartment complex receiving $500.00 fee or rent adjustment for referring Mother C. Person residing outside apartment complex receiving referral fee of $500.00 for referring Dad D. Referrals paid (Bird dog fees) to anyone referring Buyer or Seller

A. Eminent domain acquisition

40. The extent of investment for independent contractor status A. may be a significant investment B. may not be a significant investment C. should not exceed half the amount expected to be generated within the first year of employment. D. will exceed the amount of projected income that would typically be generated within the first year of business.

A. May be a significant investment.

68. A limited partnership A. must be registered with the Secretary of State. B. does not need to be registered with OREC. C. is not required to pay fees to the OREC. D. only needs to be registered with the Corporation Commission.

A. Must be registered with the Secretary of State

87. When an associate changes their home address, they A. must notify the OREC within ten (10) days. B. must notify the OREC within twenty (20) days. C. must notify the OREC within thirty (30) days. D. do not need to notify the Commission as long as the office address does not change.

A. Must notify the OREC within 10 days

41. If a broker or associate fails to comply with rules (605.10-7-3), the OREC will A. place license on inactive status. B. dismiss the guilty parties. C. cause the immediate revocation of the license. D. order a formal hearing.

A. Place license on inactive status.

57. When a broker closes the business or does a partial closing, the broker is required to A. report a checklist of information to the OREC. B. notify OREC in writing by the end of the third banking day. C. file a cessation of business form 10131 with the Oklahoma Tax Commission. D. store all records for 3 years.

A. Report a checklist of information to the OREC

108. Brokers collect earnest money because it A. shows good faith in the buyer. B. shows good faith in the seller. C. is part of their commission. D. is the consideration in the contract.

A. Shows good faith in the buyer

17. In the event a broker refuses or for any other reason will not release an associate, A. the associate shall notify the broker by certified mail of the disassociation and furnish the Commission a sworn statement that the notification has been served on the broker. B. the broker upon request of the associate will be required to finish any unfinished business within the company. C. the associate must file a court action within 24 hours. D. the broker must show just cause to the OREC for failure to release the associate except when the associate owes money to the broker for payment of expenses incurred on behalf of the associate.

A. The associate shall notify the broker by certified mail of the disassociation and furnish the commission

91. If a broker accepts an earnest money deposit from a buyer, which of the following is true? A. The deposit money does not belong to the licensee. B. In every case, all money deposited must immediately be delivered to the seller. C. Money deposited by the buyer is always returnable to the buyer. D. In case of dispute between the buyer and the seller, the broker always decides to whom the deposit is to be given.

A. The deposit money does not belong to the licensee

19. If an associate has a release from a broker A. they may start work for a new broker ASAP. B. work for as many brokers as they want until they find the right broker. C. continue to conduct business in the name of the releasing broker until they find a new broker. D. go to work for several builders if they only sell the builders' homes.

A. They may start work for a new broker ASAP

48. What are the educational requirements for a provisional sales associate? A. they must complete an approved 45 clock-hour postlicense course prior to the expiration of the first year license term. B. they must complete an approved 75 clock-hour postlicense course prior to the expiration of the first year license term. C. they must complete an approved 90 clock-hour postlicense course prior to the expiration of the first year license term. D. they must complete an approved 130 clock-hour postlicense course prior to the expiration of the first year license term..

A. They must complete and approved 45 clock hour post license course prior to the examination of the first year license terms

10. When a broker makes marketing claims, they A. can be made regardless of their accuracy because of our constitutional right of free speech. B. must be followed up with disclosures to substantiate the marketing claim. C. are indirectly influencing the purchasers decision process and are in direct violation of 858-312, 12. D. are practicing unfair trade competition and are in violation of Section 2 of the Sherman Antitrust Act.

B must be followed up with disclosures to substantiate the marketing claim

90. The usual procedure is to deposit an earnest money payment A. by the end of the next banking day following completion of a firm contract. B. by the end of the third banking day following completion of a firm contract. C. by the end of the third business day following completion of a firm contract. D. by the end of the next business day following completion of a firm contract.

B By the end of the third baking day following completion of a firm contract

84. If an associate hires an unlicensed assistant A. only the associate is responsible for the assistant's activities. B. the broker is still responsible for the assistant's activities. C. the assistant must start the process to become licensed within the first year of employment. D. the broker must pay the FICA and withholding for the assistant.

B the broker is still responsible for the assistants activities

18. When an associate leaves the broker, the broker must notify the Real Estate Commission within how many days? A. 5. B. 10. C. 20. D. 30.

B. 10

80. Any name change of a licensee or licensed firm must be filed in the OREC office within A. 5 days of such change. B. 10 days of such change. C. 15 days of such change. D. 20 days of such change.

B. 10 days of such change

88. When a complaint is filed with the OREC against a licensee, the licensee must respond within A. 10 days. B. 15 days. C. 20 days. D. 30 days.

B. 15 days

71. All of the following are exempt from licensure except A. a resident managers of apartments. B. a property manager for out-of-state owners. C. An attorney-at-law performing normal legal duties. D. An attorney in fact authorized to finalize a contract by the owner.

B. A property manager for out-of-state owners

38. The training of independent contractors A. includes how to perform services in a particular manner B. allows independent contractors to use their own methods C. must be included in the policy manual and strictly adhered to. D. can be accomplished at the mandatory sales meetings held weekly.

B. Allows independent contractors to use their own methods

74. Which of the following business operations do not require licensure by the OREC? A. corporations. B. businesses operating under a trade name. C. sole proprietor. D. associations.

B. Businesses operating under a trade name

102. If a broker and an associate have a dispute over a sales commission which cannot be settled by other means, they A. should try to get the Oklahoma Real Estate Commission to settle it. B. can begin action in an appropriate court. C. are required to arbitrate at the local Association of Realtor's business office. D. may have the dispute settled by the Oklahoma Association of Realtor's Arbitration Committee.

B. Can begin action in it inappropriate court

28. A disassociated inactive associate A. may continue to collect referral fees. B. can collect commissions if the associate was active with the broker at the time the commission was earned. C. may continue to show and sell properties that the associate listed during the time he/she was active. D. can represent more than one broker at a time.

B. Can collect commissions if the associate was active with the broker at the time the commission was earned.

99. A real estate broker sold a property late Friday evening and obtained a $4,000 deposit in cash. Afraid of losing the money over the weekend, a night deposit was made into a personal checking account. This action would most closely relate to A. conversion. B. commingling. C. misrepresentation. D. reasonable caution.

B. Commingling

27. Compensation to disassociated associates can occur A. only during the period that the acts were performed while he or she was properly licensed with the new broker. B. directly to the associate and not be required to make such payment through the associate's new broker. C. only if the fee is paid to the associate's new broker. D. when the associate re-associates with the broker holding the compensation.

B. Directly to the associate and not be required to make such payment through the associates new broker

66. Which one of the following is true regarding a partnership that is performing real estate activities? A. A partnership must have a minimum of one managing partner with a Brokers license. B. Each partner, of the partnership, must possess an active broker license. C. Only the managing Broker of the partnership shall have the responsibility of supervising the associates. D. Only the managing Broker shall be responsible for the partnership.

B. Each partner of the partnership must possess an active broker license.

106. For a broker to act for more than one party in a real estate transaction without the knowledge and consent of all parties is A. ethical. B. grounds for disciplinary action. C. contrary to the Statute of Frauds. D. all right if no party suffers monetary damage.

B. Grounds for disciplinary action

97. An associate brings an offer to purchase with an earnest money check to the broker. The offer by the buyer is accepted by the seller. The next day the broker is notified by the seller that, through no fault of the associate, the buyer and seller have decided to cancel the sale, and the broker is instructed to return the deposit to the buyer. The broker A. can keep one-half of the deposit and give the other half to the seller. B. has grounds for suing the seller, but must return the deposit to the buyer. C. can retain the deposit as compensation for services rendered. D. can keep one-half of the deposit and return half to the buyer.

B. Has grounds for suing the seller but must return the deposit to the buyer

75. Which of the following is true of a sole proprietor? A. More than one person can be licensed as sole proprietor B. If another has ownership in sole proprietor or business it would fall under category of a corporation, LLC, or partnership C. Most easily understood business operation D. Cannot have associates working as sole proprietor in real estate office

B. If another has ownership in so proprietor or business it would fall under the category of a corporation LLC or partnership

6. All real estate licenses must be on display A. at the local board of realtors B. in public view at the office in which the associate is assigned. C. at the Real Estate Commission in public view. D. in a frame on the wall in the private negotiating room and must be available for viewing during all hours.

B. In public view at the office in which the associate is assigned.

25. Compensation to associates A. must come only through a broker. B. may come directly from the title company after the employing broker has made arrangements with the title company and maintains a written approval on file at the title company and the broker's office. C. may be paid directly from the party with the approval of the broker. D. on cross-sales could be paid from the listing broker directly to the associate.

B. May come directly from the title company after the employee broker has made arrangements with the title company and maintained a written approval on file at the title company in the brokers office

11. Owners of entities who are not licensed A. may advertise real estate freely. B. must adhere to all advertising rules just as if they were a broker C. have jurisdiction to make claims as if they were licensed. D. may be included in the advertising.

B. Must adhere to all advertising rules just as if they were a broker

4. 605.10-7-7 - A broker's branch office A. must be applied for & approved by the municipality B. must contain the trade name of the main office C. is required to hold the sales meetings for the main office at least once a month. D. is liable for fraud and manipulation.

B. Must contain the trade name of the main office.

85. If the proprietary broker dies or becomes disabled, the A. company can be sold. B. OREC has a list of instructions for this event. C. OREC has no specific requirements. D. heirs can take over the business.

B. OREC has A list of instructions for this event

52. The OREC sends out reminders regarding renewing a license and continuing education status A. as mandated by Oklahoma State Law. B. only as a courtesy to the licensee. C. as mandated by federal law. D. due to a direct result of a court order.

B. Only as a courtesy to the licensee

60. In the event a broker changes the name of an entity, the name change must be registered with the A. Corporation Commission. B. OREC C. OAR. D. Oklahoma Tax Commission.

B. Orec

62. The corporation and managing corporate broker are A. not responsible for acts of the corporation B. responsible for the acts of all associates and the corporation. C. appointed by the OREC and are officers of the corporation D. appointed by the Corporation Commission

B. Responsible for the acts and all associates and the corporation

24. An inactive licensee A. can only show property that was listed while the licensee was active. B. shall be treated as an unlicensed assistant. C. may continue to work on the closing process of the properties that the licensee sold while the license was active. D. can receive referral fees for business leads that result in the consummation of a contract and closing the property.

B. Shall be treated as an unlicensed assistant.

20. When brokers have knowledge that an associate is using an unlicensed assistant, the broker A. must have direct contact with the unlicensed assistant. B. should obtain identification information on the assistant. C. is not responsible for the acts of the unlicensed assistant, only the associate is liable. D. will not have any recourse against the assistant or associate for any wrong doing of the assistant, whether licensed or unlicensed.

B. Should obtain identification information on the assistant

56. In which of the following business structures do the assets of real property not transfer when the business is sold? A. An association. B. A sole proprietorship. C. A. corporation. D. Under Oklahoma Statutes, Title 59, assets of real property are not allowed to be transfer when a business is sold.

B. Sole proprietorship

107. Real estate sales associates may lawfully accept bonus commissions for the completion of difficult sales A. if the seller wish to give one. B. if they pay the taxes on them. C. only through their employing brokers. D. if they receive them from the buyer.

C. Only through their employer brokers

78. If a broker moves to a new office, OREC requires all licenses be re-issued to the new address. OREC charges a fee of A. $10 for each license with a maximum fee of $100 for all licenses. B. $20 for each license with a maximum fee of $200 for all licenses. C. $25 for each license with a maximum fee of $750 for all licenses. D. $30 for each license with a maximum fee of $1,000 for all licenses.

C. $25 for each license with a maximum fee of 750 for all licenses

49. Which of the following is required to complete 21 hours of continuing education? A. A licensee who wishes to remain on inactive status. B. A licensee who holds a provisional sales associate license and want the regular sales associate license. C. A broker, broker associate or sales associate who wants to renew their license on active status. D. A nonresident licensee who maintains a current license in another state and has satisfied the continuing education requirements in that state.

C. A broker, broker associate or sales associate who wants to renewed their license on active status

15. All of the following may use the identifying title of broker except A. a corporate broker. B. a broker that holds the position of managing broker in a branch office. C. all licensees who are providing services as a single-party broker. D. a broker that holds the position of managing broker in a partnership.

C. All licensees who are providing services as a single party broker

103. The percentage charged by a broker as the fee for finding a buyer is established by the A. Oklahoma Real Estate Commission. B. Corporation Commission. C. Broker and the seller through negotiation. D. National Association of Realtors.

C. Broker and seller through negotiations

55. A Broker may lend his license to an associate A. so that Broker may leave and go on vacation B. to permit associate to act as Broker. C. but it would result in loss of license. D. to same time and money.

C. But it would result in loss of license

8. Real estate records must be maintained and kept for at least A. 7yrs B. 3 yrs C. 5yrs D. 10yrs.

C. Five years.

92. A broker's trust account is used A. for the deposit of earnest money only. B. in lieu of a general account. C. for the deposit of money belonging to others. D. to compensate the broker for expenditures.

C. For the deposit of money belonging to others

59. Which of the following is true in regards to death or disability of a Broker? A. OREC must be notified within 6 months. B. If a sole owner dies, the business must be transferred to a person whom the deceased sole owner trusted. C. If sole proprietor broker dies all business ceases immediately and a family attorney or representative must consider making an arrangement for the disposition of the business. D. If Broker becomes temporarily disabled, all business ceases immediately.

C. If so proprietor broker dies all business ceases immediately and a family attorney or representative must consider making an arrangement for the disposition of the business.

76. What would be a disadvantage of Sole Proprietorship? A. Assets can be sold and leave the sole proprietor homeless B. When sole proprietor dies the business is up for "grabs" C. If the death of a sole proprietor occurs, the business ceases to exist D. The listings, management agreements may be sold upon sole proprietor's death or disability

C. If the death of a soul proprietor occurs the business ceases to exist

105. Which of the following does the Oklahoma Real Estate Commission not have power to do? A. Place an offending licensee on probation or issue a reprimand. B. Suspend or revoke any license issued by it. C. Impost a jail sentence. D. Require a licensee to obtain further education.

C. Impose a jail sentence

86. An active associate transferring from one broker to a new broker A. must wait until the license is issued to the new broker before starting to work. B. must notify the NAR of the change. C. may continually act if the change is done in a timely manner. D. is required to file the transfer form 10113 with the Oklahoma Association of Realtors.

C. May continually act the change is done in a timely manner

69. Regarding the Broker in charge, they A. can be a licensed associate. B. may receive temporary relief by associates. C. must be a licensed broker. D. may manage in name only.

C. Must be a licensed broker

16. If you are inactive you A. may buy and sell without disclosing that you are licensed. B. can receive compensation. C. must disclose you are licensed when buying and selling. D. can operate anywhere in the U.S.A.

C. Must disclose you are licensed when buying and selling

82. A branch office manager A. may be a sales associate. B. is not required to have a real estate license. C. must have a broker license. D. must hold a manager license designated by the OREC.

C. Must have a broker license

98. Brokers can be censured for commingling funds if they deposit earnest money to anything other than A. their general real estate operating accounts. B. their personal accounts because a portion of the money was due them. C. separate checking accounts designated as trust accounts. D. separate savings accounts.

C. Separate checking accounts designated as trust accounts

64. Associations otherwise called a limited liability company (LLC) performing real estate activities A. are required to have a licensed associate to manage the business. B. are granted appointment by OREC. C. shall apply as a real estate broker license. D. must be registered with the local municipality or code administration division.

C. Shall apply as a real estate broker license

1. 605.10-9-1 - Each broker shall maintain a special room within their place of business A. that is open to the public during normal business hours B. where the broker's license is prominently displayed C. that is enclosed and wherein negotiations may be conducted in privacy. D. that will be used for entertaining prospective buyers and or sellers while they await assistance.

C. That is enclosed and wherein negotiations may be conducted in privacy.

70. If Broker in charge has other job interests and cannot manage the daily routine, it is okay if, A. the broker does not want to be involved in the daily real estate activities and lends his license so that others may be oriented in real estate. B. the broker financially benefits C. the company is properly licensed as a corporation with Secretary of State, the OREC and hire a managing broker. D. the company is properly licensed as an LLC.

C. The company is property licensed as a corporation with the Secretary of State the OREC and hire a managing broker

36. Employee versus independent contractor status depends upon A. the type of license issued by the OREC. B. the place of business C. the degree of control by the broker and the degree of independence from the broker. D. the ability of the associate obtain a limited liability corporation designation.

C. The degree of control by the broker in the degree of independence from the broker

23. If an unlicensed assistant causes harm to a party A. the broker and associate will be held liable. B. the only recourse is to file a complaint with the Real Estate Commission against the broker. C. the party could seek restitution in a court of law against the unlicensed person and possibly the broker/associate. D. the party could receive all or part of the associate's commission as restitution to recover any expenses incurred by the acts of the unlicensed assistant.

C. The party could seek restitution in a court of law against the unlicensed person and possibly the broker/ associate

101. The Oklahoma Real Estate Commission has the right and power A. to arbitrate disputes between licensees. B. to set a maximum commission rate allowed to be charged to the public. C. to request records and files of a licensee suspected of violation of the Code or Rules. D. to exercise jurisdiction over the person who holds a real estate license.

C. To request records and files of a licensee suspected a violation of the code of rules

100. Which of the following is not a power and duty of the Oklahoma Real Estate Commission? A. To promulgate rules and regulations as it may deem proper. B. To cause the prosecution of any person who violates any of the provisions of the "Code." C. To serve as a board of arbitration and settle disputes among brokers, associates, or D. To issue licenses to persons who have passed examinations and who otherwise meet license requirements.

C. To serve as a board of arbitration and settle disputes among brokers associates or

83. When may a broker office out of his home? A. When approved by the HOA. B. When the Oklahoma Tax Commission grants a variance to allow real estate offices. C. When it is not contrary to local zoning ordinances. D. When it is contrary to zoning, the broker must seek approval from the OREC.

C. When it is not contrary to local zoning ordinances

9. Concerning acceptable methods of keeping records, which of the following is the most correct? A. All records are required to be kept in the original hard copy form for the required record retention time. B. Records must be destroyed after the required record retention time runs out. C. Trust account records must be maintained by the broker in their original format for the required record retention time. D. After 2 years trust account records may be transferred to an alternative media for the remaining required record retention time.

D. After two years trust account records may be transferred to an alternative media for the remaining required record retention time.

79. A broker may have A. no more than three branch offices. B. no more than five branch offices. C. no more than ten branch offices. D. as many branch offices as desired.

D. As many branch offices as desired

34. The real estate company policy manual should include provisions for all of the following except A. Megan's Law, Insurance B. Sexual harassment, fair housing, equal opportunity C. Compensation agreement D. days of the week and the number of hours that should be worked for real estate associates who are independent contractors.

D. Days of the week and the number of hours that should be worked for real estate associates who are independent contractors.

95. Non-depositable escrow items may be accepted A. only if the associate or broker agrees to care for same. B. if evaluated. C. if evaluated and placed with an authorized escrow agent. D. if evaluated, placed with an authorized escrow agent and all parties are informed.

D. If a valuated placed with an authorized escrow agent and all parties are informed

31. Associates have the right to form a corporation A. to avoid paying taxes. B. in which to hide monies received. C. in order to shift the risk and liability that is encounter to the corporate entity and therefore not be personally liable for their acts or omissions. D. if the broker approves the corporate identity and its purpose is to receive commissions.

D. If the broker approves the corporate identity and it's purpose is to receive commissions

32. Brokers are encouraged to make known their company policies A. towards advertising only. B. to clarify the hours that associates are required to attend sales meetings. C. to set forth the hours in which the associates are required to staff the office. D. in regards to what activities can be performed by unlicensed assistants.

D. In regards to what activities can be performed by unlicensed assistance

54. Brokers are required to be available A. at least 8 hours a day. B. in the office at least 8 hours a day. C. in the office at least 8 hours a day for negotiating and writing contracts. D. in the office more than not and when not available for contact.

D. In the office more than not and we're not available for contact

96. When placing earnest deposits in the operating account of a company, a broker A. must take all necessary measures to assure that the balance never falls below the amount of such deposits. B. must keep separate records. C. must do so by the end of the third banking day after acceptance. D. is guilty of commingling.

D. Is guilty of commingling

14. The term agent A. is only permitted to be used in a trade name. B. is only permitted to be used as a general reference for licensees. C. cannot be used as a general reference for licensees. D. is permitted within a trade name and may be used as a general reference for real estate licensees.

D. Is permitted within a trade name and may be used as a general reference for real estate licensees

94. The obligation of associates to turn over all monies deposited, payments made, or things of value received by an associate to the sponsoring broker promptly, is found under A. Acts of Sales Associates. B. Prohibited Deals. C. Substantial Misrepresentation. D. Duty to Account.

D. Judy took out

93. When customer funds are placed in a trust account, the broker is A. free of personal liability for the amount of the deposit because of the state statutes governing trust account liability. B. free of liability for any loss because of the recovery fund provisions. C. only liable for the amount equal to the commission as stated in the listing contract. D. liable under the law for the full amount thereof.

D. Liable under the law for the full amount thereof

67. Partnerships do not A. require every partner to hold a broker's license. B. require a Brokers license in the name of the partnership. C. require each partner to share in the liability and responsibility of supervision D. limit the number of active brokers to two.

D. Limit the Number of active brokers to two

7. A broker A. may act as the broker for multiple firms at multiple locations. B. may not work under the supervision of another broker as an associate. C. must office with other brokers. D. may act as the branch office broker if the branch office is located at the same location as the main office.

D. May act as the branch office broker in the branch office is located at the same location as the main office.

2. A broker's office A. may only be in a private residence. B. may only be established in a public area . C. contains broker's licenses only. D. may not be established if contrary to zoning.

D. May not be established if contrary to zoning.

5. Associates A. may have their own office as long as their name is denoted on the outside. B. must have their private office identified with letters not smaller than 1" in height. C. may be permitted to have an office. D. may not have an office but must be registered with an office maintained and registered in the name of the broker.

D. May not have an office but must be registered with an office maintained and registered in the name of the broker.

104. The Oklahoma Real Estate Commission Commissioners are made up of all the following except A. one representative from an approved school of real estate. B. five licensed real estate brokers. C. one member representing the consumer public. D. one member from the Oklahoma Bar Association.

D. One member from the Oklahoma Bar Association

50. To keep a real estate license on inactive status, a licensee will be required to A. pay the regular licensing fee and complete the 21 hours of required continuing education. B. pay the regular licensing fee and no continuing education is required. C. pay a reduced licensing fee and complete the 21 hours of required continuing education. D. pay a reduced licensing fee and no continuing education is required.

D. Pay a reduced licensing fee and no continuing education is required

44. Prior to an inactive associate activating their real estate license, they must A. complete the 90 clock-hour course and pass the appropriate examination. B. complete 42 hours of continuing education. C. Fill out the required NAR forms and submit to a state and federal background check. D. Pay required fees and complete the required hours of continuing.

D. Pay required fees and complete The required hours of continuing education.

42. Which of the following will not cause a real estate license to go inactive? A. Failure to complete required forum and pay fees within time period. B. Failure to complete required education. C. Payment to Real Estate Commission with insufficient funds check, etc. D. Payment to the OREC with a check that was mailed and postmarked on the last day of the month previous to the month that the license expired.

D. Payment to the OREC with a check that was mailed in the postmarked on the last day of the month previous to the month that the license expired

26. The Real Estate Commission A. will never entertain commission disputes. B. settles commission disputes only between the associate and the broker. C. makes determinations on the amount of commission to be spilt between the listing and selling brokers. D. shall entertain a complaint against a broker about a commission dispute only if the complaining licensee prevails in a court of competent jurisdiction.

D. Shall entertain a complaint against a broker about a commission dispute only if the complaining licensee prevails in a court of competent jurisdiction

37. Which one of the following is an example of behavioral control that would show whether the business has the right to direct and control how a worker does the task for which the worker was hired? A. allow the worker to do the work when and where they decide. B. specify the outcome of the work and allow the workers to indicate who will perform the task. C. permit the worker to decide the order and sequence to follow for individual tasks to be performed to achieve the desired outcome. D. state where to purchase supplies and services.

D. State where to purchase supplies and services

21. Unlicensed assistants may, A. obtain the seller's signature. B. obtaining signature of parties. C. show property with the consent of the party and broker. D. submit listing information and changes to Multiple Listing Service and/or other information sources.

D. Submit listing information and changes to multiple listing service and or other information sources.

33. Company policies do not cover A. the safety and security of the associates. B. property management operations. C. residential property disclosure and lead based paint disclosure requirements. D. the amount of time an associate is required to answer the office phones.

D. The amount of time and associate is required to answer the office phones

58. When a broker terminates all real estate activities, A. the broker must file the termination of activity form 1098 with the Corporation Commission. B. all associates may continue to list and sell real estate until they find a new firm to hang their license. C. the broker may leave their yard signs up until all property sells. D. the broker must notify OREC the date the activities will stop.

D. The broker must notify the OREC the date in activities will stop

63. Which one of the following is not required to change the managing real estate broker of a corporation? A. A $25.00 fee paid to the OREC. B. Completing the necessary forms. C. Notice of change must be filed in the Commission Office no later than five (5) working days of the occurrences of the event. D. The corporation is to notify the Corporation Commission in writing within 10 days of the date of change in corporate officers.

D. The corporation is to notify the corporation commission in writing within 10 days of the day of change in corporate officers

29. Regarding mentoring, it does not require A. a broker or trained associate. B. integrity or professionalism C. the reduction of liability or stress D. the new associate to be present at all designated sales meetings.

D. The new associate to be present at all designated sales meetings.

12. Team names are acceptable if A. they are advertised under the registered name of the team. B. the font size of the name of the team is equal to or larger than the brokers name in all advertising that would appear in the newspaper, television or internet.. C. when advertized, they are easily identifiable as a real estate entity. D. they are allowed by the broker and strict adherence to the OREC code is followed for all advertising.

D. They are allowed by the broker and strict adherence to the OREC code is followed for all advertising.

46. OREC provides continuing education courses A. as a means to directly compete with private real estate schools. B. only in the larger metropolitan areas. C. to Vo-Tech schools and other state subsidized institutions of higher learning. D. to outlying remote areas and for specialty subjects.

D. To outlying areas for specialty subjects

22. Assistants are allowed to A. negotiate with buyers. B. disclose sales price on the telephone. C. disclose pertinent information. D. unlock property to accommodate showing by cooperative licensee.

D. Unlock property to accommodate showing by cooperative licensee

45. If an inactive sales associate or broker associate wants to activate their license a month before the end their 3-year license term, to stay active for the next 2 years they will need to A. complete only 21 hours of continuing education. B. complete 21 hours of continuing education to activate the license plus another 21 hours before their license term expires. C. complete the 21 hours of required continuing education and the will need their Brokers consent from. D. wait until the beginning of the next licensing term and then take 21 hours of required continuing education as a license cannot be activated that close to the end of the licensing period.

D. Wait until the beginning of the next licensing term and then take 21 hours are required continuing education as a license cannot be activated that close to the end of the licensing.