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Oklahoma Real Estate License Code and Rules

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Oklahoma Real Estate License Code and Rules OKLAHOMA REAL ESTATE LICENSE CODE AND RULES As of November 1, 2020 THE OKLAHOMA REAL ESTATE COMMISSION Executive Office Denver N. Davison Building 1915 N. Stiles Avenue, Suite 200 Oklahoma City, Oklahoma 73105-4915 www.orec.ok.gov OKLAHOMA REAL ESTATE COMMISSION Members Mack Barnes Susan Beach Steve Burris Dr. David Chapman Rodger Erker Mary Terry Monica Wittrock This publication, printed by the University of Oklahoma Printing Services, is issued by the Oklahoma Real Estate Commission, as authorized by B. Grant Cody, Executive Director. 1,500 copies have been prepared and distributed at no cost to the taxpayers of Oklahoma. The entire cost of preparing this publication has been borne by Real Estate Licensees through their Education and Recovery Fund Fees. Copies have been deposited with the Publications Clearinghouse of the Oklahoma Department of Libraries. OKLAHOMA REAL ESTATE LICENSE CODE Title 59, Oklahoma Statutes Section 858-101 through 858-605 As Amended Through November 1, 2021 TABLE OF CONTENTS GENERAL PROVISIONS ............................................................................................................................... 3 §858-101. Title and construction ..................................................................................................................... 3 §858-102. Definitions ....................................................................................................................................... 3 ESTABLISHMENT OF COMMISSION .......................................................................................................... 4 §858-201. Oklahoma Real Estate Commission ......................................................................................... 4 §858-202. Appointment-Tenure-Vacancies-Removal ................................................................................ 4 §858-204. Officers; Employees; Duties and Compensation....................................................................... 4 §858-205. Revolving fund .......................................................................................................................... 4 §858-206. Suits; Service; Seals; Certified copies; Location of office ....................................................... 5 §858-207. Annual report of fees ................................................................................................................. 5 §858-208. Powers and duties of the Commission ...................................................................................... 5 §858-209. Compliance with the Administrative Procedures Act ............................................................... 6 LICENSING ......................................................................................................................................................... 6 §858-301. License required; Exceptions .................................................................................................... 6 §858-301.1. Eligibility for license—Applicants convicted of criminal offenses— Time periods for disqualification—Procedure .......................................................................... 7 §858-301.2. Notification of Commission of conviction or plea of guilty or nolo contendere to felony offense ............................................................................................. 7 §858-302. Eligibility for license as provisional sales associates—Qualifications— Examination—Posteducation requirement ............................................................................... 7 §858-303. Eligibility for license as real estate broker —Examination ............................................................ 7 §858-303A. Eligibility for license as a broker associate .................................................................................... 8 §858-303B. Accounting of expenditure for services .................................................................................... 8 §858-304. Evidence of successful completion of basic or advanced real estate instruction-Syllabus of instruction ........................................................... 8 §858-305. Licensing of associations, corporations and partnerships— Registration of brokerage teams ..................................................................................................... 9 §858-306. Licensing of nonresidents .............................................................................................................. 9 §858-307.1. Issuance of License—Term—Fees ........................................................................................... 9 §858-307.2. Renewal of license—Continuing education requirement ....................................................... 10 §858-307.3. Application for reissuance of license after revocation ............................................................ 10 §858-307.4. Criminal history record — Investigation - Costs .................................................................... 10 §858-308. Current list of licensees ................................................................................................................ 10 §858-309. Inactive status for licensees ..................................................................................................... 10 §858-310. Location of office; Licenses for branch offices ...................................................................... 10 §858-311. Action not maintainable without allegation and proof of license ........................................... 11 §858-312 Investigations—Cause for suspension or revocation of license ............................................. 11 §858-312.1 Certain persons prohibited from participation in real estate business .................................... 12 §858-313. Confidential materials of the Commission .............................................................................. 12 BROKER RELATIONSHIPS ............................................................................................................................. 12 §858-351 Definitions ............................................................................................................................... 12 §858-353. Broker duties and responsibilities ........................................................................................... 12 §858-355.1. Brokerage services to both parties in transaction—Disclosure .............................................. 13 §858-356. Disclosures—Confirmation in writing ......................................................................................... 13 1 §858-358. Duties of broker following termination, expiration, or completion of performance .................................................................................................. 13 §858-359. Broker compensation—Determination of relationship—Breach of duty............................. 13 §858-360. Abrogation of common law principles of agency—Remedies cumulative ............................ 13 §858-361. Use of word “agent” in trade name and as general reference ..................................................... 14 §858-362. Vicarious liability for acts or omissions of real estate licensee .................................................. 14 §858-363. Associates of real estate broker—Authority ................................................................................ 14 PENALTIES ....................................................................................................................................................... 14 §858-401. Penalties— Fines—Injunctions—and restraining orders—appeals ............................................ 14 §858-402. Administrative Fines ..................................................................................................................... 14 MISCELLANEOUS............................................................................................................................................ 15 §858-513. Psychologically impacted real estate—Factors included—Nondisclosure of facts— Certain actions prohibited—Disclosure in certain circumstances .......................................... 15 §858-514. Registered sex offenders or violent crime offenders—No duty to provide notice regarding .... 15 §858-515.1 Size of property for sale ............................................................................................................... 15 §858-515.2. Violation of duty to disclose—Source information—Damages ............................................. 15 REAL ESTATE EDUCATION AND RECOVERY FUND.......................................................................... 16 §858-601. Creation—Status—Appropriation—Expenditures—Use of funds—Eligibility to recover .... 16 §858-602. Additional Fee—Disposition ................................................................................................... 16 §858-603. Eligibility to recover from fund—Ineligibility ....................................................................... 17 §858-604. Application for payment—Amount—Assignment of rights, etc.— Insufficient funds—Revocation of brokers license ................................................................. 17 §858-605. Expenditure of funds ............................................................................................................... 18 OKLAHOMA REAL ESTATE COMMISSION RULES TABLE OF CONTENTS .............................................................................................................19-21
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