Term
| true or false: The Commission will accept a complaint alleging misconduct against any licensee from any person when the complaint is filed in writing. All written complaints must be investigated. |
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Definition
true;
After the complaint is filed, the Commission will notify the licensee immediately and the licensee will be given fifteen (15) days to file a written response. |
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Term
| At the end of the investigation, upon showing good cause, the Commission may impose any or a combination of the following sanctions: |
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Definition
Reprimanding.
Suspending licenses.
Revoking licenses.
Placing licensees on probation.
Imposing administrative fines.*
Requiring additional education.
Any fine will not be less than One Hundred Dollars ($100) and may not exceed Two Thousand Dollars ($2,000) for each violation.
A fine may not exceed Five Thousand Dollars ($5,000) for all violations resulting from a single incident. |
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Term
| If it is proved that any licensee is performing, has performed or is attempting to perform any of the following actions, the Commission could suspend or revoke the license. |
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Definition
Making a materially false or fraudulent statement in an application for a license.
Making substantial misrepresentations or false promises in the conduct of business, or through real estate licensees, or advertising, which are intended to influence, persuade or induce others.
Failing to comply with the requirements of the Broker Relationships Act.
Accepting a commission or other valuable consideration as a real estate associate for the performance of any real estate acts from another broker other than the sponsoring broker.
Representing or attempting to represent a real estate broker other than the sponsoring broker without the express knowledge and consent of the sponsoring broker.
Failing, within reasonable time, to account for or to remit any monies, documents, or other property belonging to others which came into the licensee's possession. |
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Term
| causes for suspension or revocation (continued) |
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Definition
Paying a commission or valuable consideration to any person for acts or services performed in violation of the Oklahoma Real Estate License Code.
Engaging in any other conduct which constitutes untrustworthy, improper, fraudulent, or dishonest dealings. (A list of conduct fitting this category will be given later in this chapter.)
Disregarding or violating any provision of the Oklahoma Real Estate License Code or Rules.
Guaranteeing or allowing any real estate licensee to guarantee future profits which may result from the resale of real estate.
Advertising or offering for sale, rent or lease any real estate without the consent of the owner or the owner's authorized representative. This includes placing a sign on the property.
Soliciting, selling, or offering real estate for sale by offering "free lots," conducting lotteries or contests, or offering prizes or services for the purpose of influencing a purchaser or prospective purchaser of real estate. |
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Term
| Causes for Suspension or Revocation (continued) |
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Definition
Accepting employment or compensation for appraising real estate contingent upon the reporting of a predetermined value.
Issuing any appraisal report on real estate in which the licensee has an interest, unless the licensee's interest is disclosed in the report.
Paying a commission or any other valuable consideration to any person for performing the services of a real estate licensee who does not have a real estate license.
Being convicted of a crime involving moral turpitude.
Commingling monies of others with the licensee's own money. This does not apply to money held in an escrow account.
Being convicted of having violated any provision of the Federal Fair Housing laws. |
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Term
| Causes for Suspension or Revocation (continued) |
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Definition
Failing, after the receipt of a commission, to render an accounting to and pay a licensee his or her earned share of the commission received.
Being convicted in a court in this or any other state of the crime of forgery, embezzlement, obtaining money under false pretenses, extortion, conspiracy to defraud, fraud, or any similar offense or offenses, or pleading guilty or "no contest" to any such offense or offenses.
Advertising to buy, sell, rent, or exchange any real estate without disclosing that the licensee is a real estate licensee.
Offering, loaning, paying, or making it appear to have been paid, a down payment or earnest money deposit for a purchaser or seller in connection with the real estate transaction.
Violating the Residential Property Condition Disclosure Act. |
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Term
| What can the Commission do if it hears "via the grapevine" that Broker Jones advertises for-sale-by-owner properties without owner permission? |
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Definition
| The Commission can choose to open an investigation into any licensee's real estate activities. They don't need a written complaint. |
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Term
| What sanctions can the Commission impose against someone found in violation of the Code? |
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Definition
| Reprimand, probation, suspension, revocation, fines, additional education requirements, or any combination of those |
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Term
| Licensee Harry had a complaint lodged against him by Seller Susan. Will the Commission automatically convene a hearing? |
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Definition
| No. First they will notify Harry and give him 15 days to respond. Then they may investigate, after which they'll decide if a hearing is warranted. |
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Term
| According to the Code, conduct which constitutes "untrustworthy, improper, fraudulent or dishonest dealings" includes, but is not limited to: |
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Definition
Making a brokerage service contract without a termination date.
Purchasing of property by a licensee for himself, herself or another entity in which he or she has interest, if the property is listed with the broker or his or her firm, without first making full disclosure of the situation and obtaining the approval of the owner.
Committing repeated misrepresentations, even though not fraudulent, which occur because the licensee has failed to become knowledgeable of pertinent facts concerning a property for which he or she is performing services.
Procuring the signature to a purchase offer or contract or to any lease or lease proposal which has no definite purchase price or lease rental, or no method of payment, termination date, possession date or property description.
Paying any fees or amounts due the Commission with a check that is dishonored by the bank on which the check is drawn. |
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Term
| Other Conduct Violations (continued) |
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Definition
Lending a broker's license to an associate, permitting an associate to operate as a broker, or failing to properly supervise the activities of an associate.
Failing to notify in writing to any purchaser any interest the licensee has in the property he or she is selling.
Failing to inform the buyer and seller at the time the offer is presented that he or she will be expected to pay certain closing costs, brokerage service costs, and failing to provide the approximate amount of the costs.
Failing, upon demand in writing, to respond to a complaint in writing, or to provide any information, documents, books or records for inspection to a member of the Commission or its lawful representative.
Failing to put an offer in writing, when a proposed purchaser requests an offer to be submitted. |
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Term
| Other Conduct Violations (continued) |
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Definition
Failing to submit all bona fide offers to an owner, when the offers are received prior to the seller accepting an offer in writing.
Demonstrating bad faith or incompetency in any real estate transaction.
Failing to act with the same good faith in marketing his or her own property as when acting in the capacity of a real estate licensee.
Acting in the capacity of a broker or branch office broker when not in possession of the appropriate broker license.
Discouraging a party from obtaining an inspection on a property.
Allowing access to, or control of, real property without the owner's authorization. |
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Term
true or false:If a broker’s license is suspended or revoked, all associates under that broker’s supervision will be placed on “inactive” status for the duration of the suspension or revocation.
If that same broker has a branch office or offices, those licenses would also be suspended or revoked and the associates placed on “inactive” status. |
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Definition
| true; Under such circumstances, any of the associates could request to be transferred to another broker. |
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Term
| Licensee Claire makes an offer to purchase a piece of property listed with her broker. Is that improper behavior? |
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Definition
| Only if she did not disclose in writing to all parties that she is a licensee and did not get the owner's permission. |
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Term
| Bill is sales associate Carl's client. Bill wants to make a written offer on a property, but Carl encourages him to put an oral offer in play to see if they're "in the ballpark." Is that proper conduct? |
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Definition
| No. Failure to put an offer in writing when a proposed purchaser makes that request is a conduct violation. |
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Term
| Gary gets a call from a prospective buyer who wants to see a property. Gary sets up an appointment, but then has a conflict. He calls the buyer, gives him the entry code and tells him to go see the property and they'll touch base later. Is that proper conduct? |
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Definition
| No. Gary cannot allow access to a property without the owner's authorization. |
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