Term
| A provisional sales associate (PSA) is |
|
Definition
an entry level license which is under the supervision of a real estate broker.
After obtaining a license, the PSA has a Part II post-license education requirement of Forty-five (45) clock hours that must be completed within the first year.
Once a PSA has completed Part II of the course requirement and has given the Commission proof of completion at the end of the one-year license term, the PSA's new license will be a sales associate (SA) license. |
|
|
Term
| A sales associate (SA) license is the same as a provisional sales associate (PSA) license except: |
|
Definition
The sales associate has a twenty-one (21)-clock-hour continuing education requirement each active license term.
The sales associate license is a three-year renewable license. |
|
|
Term
| A broker license allows a person to |
|
Definition
do business as a firm and sponsor licensed associates: provisional sales associates, sales associates and/or broker associates.
In order for an applicant to apply for a broker license, the applicant must:
Be of good moral character.
Possess two (2) years of active experience, or its equivalent, as a PSA or SA within the past five (5) years.
Submit evidence of successful completion of a Ninety (90)-hour course of advanced real estate instruction that is approved by the Commission |
|
|
Term
| Upon passing the state examination, a broker has the option of applying for a license as one of the following: |
|
Definition
Broker associate
Proprietor broker
Managing broker for a corporation or association
Broker partner of a partnership |
|
|
Term
|
Definition
| A person who is a licensed broker, but who chooses to operate in the name of a sponsoring broker only, and not in the name of the associate himself. |
|
|
Term
|
Definition
| A licensed broker who is the sole owner of the real estate business. Individual assets (furniture, personal property, etc.) may be sold or transferred, including the name of the company and goodwill. However, the business life terminates upon the sale or dissolution of the business or the death or bankruptcy of the owner. All current listings will cease to exist upon the sale or dissolution of the company. If the company is sold, the new owner must negotiate new agreements. |
|
|
Term
| Managing broker for a corporation or association (Limited Liability Company) |
|
Definition
A licensed broker who can sponsor associates and is the person answerable to the Commission for all activities of the corporation.
A licensed broker who can sponsor associates and is the person answerable to the Commission for all activities of the association. To qualify for this type of license, the broker must be either a member or a manager of the limited liability company.
Note: Corporations and associations are required to be registered with the Oklahoma Secretary of State. |
|
|
Term
| Broker partner of a partnership |
|
Definition
| A licensed broker who can sponsor associates and is one of the persons answerable to the Commission for all activities of the partnership. To qualify for this type of license the broker must be one of the partners of the partnership. |
|
|
Term
true or false: Any association or corporation may be licensed as a real estate broker if both the following are true.
The managing member or managing officer holds a license as a real estate broker.
Every member, officer or employee who acts as a broker or sales associate holds a license. |
|
Definition
|
|
Term
| true or false: Any partnership can be licensed as a real estate broker if each partner holds a broker license. |
|
Definition
|
|
Term
|
Definition
A nonresident licensee is a person who is:
Licensed to practice in Oklahoma.
Does not maintain a place of business in Oklahoma.
Maintains a place of business in another state.
Periodically comes to Oklahoma to operate and perform real estate activities. |
|
|
Term
|
Definition
A licensee can request in writing to have his or her license put on inactive status. If approved, the licensee is still responsible for paying the required fees.
Exception: Anyone on active military duty will not be required to pay fees while on inactive status.
If at any time a licensee fails to comply with the Code and Rule requirements for active license status, the Commission can place the license on inactive status. |
|
|
Term
| Name the three types of real estate licenses available in Oklahoma. |
|
Definition
- Provisional Sales Associate (PSA)
- Sales Associate (SA)
- Broker |
|
|
Term
| John Murphy moves to Oklahoma City, leases a small office building and opens Murphy's Realty. Which of the four categories of broker licenses does he need to have? |
|
Definition
| John needs to have a proprietor broker's license to operate as a sole owner of the real estate business he has opened. |
|
|
Term
| Sally has been a real estate licensee in Arkansas for a year. She lives close enough to the Oklahoma border that it would be feasible for her to sell real estate there. What does Sally need to do to get a nonresident license in Oklahoma? |
|
Definition
| Since Sally has been a real estate associate for only one year, she is not eligible for a nonresident license at this time. She must wait until she passes the 2-year mark, at which time she can make application to Oklahoma, provide verification to Oklahoma of her experience and Arkansas license status and pay the required fees. |
|
|
Term
true or false: An original PSA license:
Is good for one (1) year. The license will expire at the end of twelve (12) months, including the month of issuance.
Example: A PSA license issued on June 5 of one year will expire on May 31 of the following year.
Is non-renewable. At the end of the 12-month period, if all educational requirements have been satisfied, the PSA will receive an SA license. If the requirements have not been met, the license will terminate.
Will incur a late fee. |
|
Definition
|
|
Term
| an active original SA license is good for how long? |
|
Definition
| Is good for three (3) years. The license will expire at the end of thirty-six (36) months, including the month of issuance. |
|
|
Term
| true or false: There is an Education and Recovery Fund fee for a SA licensee. This fee is in addition to the license fee. |
|
Definition
|
|
Term
| an active original broker license is good for how long? |
|
Definition
| Is good for three (3) years. |
|
|
Term
true or false: All renewals must be filed on or before midnight of the 10th day of the month in which the license is set to expire. Late renewals will be assessed a $10 late penalty fee.
Example: Renewal on an SA or broker license issued on September 20, 2022, must be filed no later than midnight on August 10, 2025. |
|
Definition
|
|
Term
true or false: Licenses lapsed for up to two (2) years will be considered for reinstatement if the licensee pays an amount equal to the current examination fee, plus the license fee and additional late penalty fees.
Licenses lapsed for more than two (2) years will require the successful completion of the licensing exam in addition to the fees mentioned above.
If a license is lapsed for more than five (5) years, the applicant will be considered an original applicant. |
|
Definition
|
|
Term
| What do you know about the Education and Recovery Fund fees? |
|
Definition
- The fee is in addition to the license fee.
- The fee is $15.00 for brokers and sales associates and $5.00 for provisional sales associates.
- Branch offices are not required to pay this fee. |
|
|
Term
| What will happen to a PSA at the end of the first 12-month licensing period? |
|
Definition
| If the PSA has completed all of the educational requirements, the licensee will be issued an SA license on renewal. If the educational requirements have not been met, the license will terminate. |
|
|
Term
| If an SA license is issued on December 30, 2022, when will it expire? |
|
Definition
|
|
Term
| true or false: If a broker wants to do business from more than one office, he or she must apply for a license and pay the appropriate fee for each additional office. |
|
Definition
|
|
Term
true or false: The issued license must be on display at the branch office.
An associate's license will be issued to and must be displayed in the office to which the associate is assigned.
The broker must designate a branch office broker - other than himself or herself - to act as the broker for each location.
A broker may act as a branch office broker if the branch office is in the same location as the main office.
If the branch office broker permanently leaves the office for any reason, the broker must appoint a replacement and file the appropriate documents with the Commission within ten (10) days.
The branch office must use the same name or trade name as the main office. |
|
Definition
|
|
Term
| true or false: An association that performs activities requiring a real estate license must apply for a license as a real estate broker. An "Association" is defined as "a group of people gathered together for a business purpose." |
|
Definition
|
|
Term
| true or false: the corporation, partnership, or association must notify the Commission immediately when it discontinues a portion of or ceases all real estate activities and must comply with the Commission's requirements for storing records on alternative media. |
|
Definition
|
|
Term
| true or false: A limited liability company is considered an association. |
|
Definition
|
|
