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Broker in Charge 2019

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Broker in Charge 2019 THIS COURSE is for real estate licensees to become more competent and remain qualified to engage in real estate activities for which they are licensed. It is focused on current information regarding new and/or changing laws and regulations which affect the real estate business, as well as facts and concepts about which licensees must be knowledgeable in order to safely and confidently conduct real estate negotiations and transactions. Participants will expand and enhance their knowledge and expertise to be continually effective, competent, and ethical as they practice real estate. INSTRUCTOR: Joyce Painter ANY LICENSEE may complete the Broker in Charge course in lieu of the required subject matter. However, all Brokers must successfully complete the Broker in Charge course as approved by the OREC consisting of 15 clock hours. Additionally, to fully complete the continuing education requirement of 21 clock hours a broker must also complete at least two of the BROKER IN CHARGE six required subject matter topics, equal to at least six clock hours. Each 2020 licensee must provide evidence of 15-hour Required Course Approved by the completion of 21-clock hours of OREC Oklahoma Real Estate Commission (OREC) for approved subject matter. [OREC Rule broker and sales associate licensees. 605:10-3-6] CONTENTS INTRODUCTION ............................................................................................................................... 5 OKLAHOMA REAL ESTATE CODE AND RULES ............................................................................ 5 CURRENT HOT TOPICS .................................................................................................................. 6 Coming Soon Listings ................................................................................................................................... 6 Wire Fraud and Cybersecurity ....................................................................................................................... 6 Short-Term Rentals ....................................................................................................................................... 7 Wholesaling Real Estate in Oklahoma .......................................................................................................... 7 LICENSE EXCEPTIONS ................................................................................................................. 8 BROKERAGE LICENSING OPTIONS ............................................................................................ 10 TRADE NAMES .......................................................................................................................................... 10 Rule 605: 10-9-3 ......................................................................................................................................... 10 §858-361. .................................................................................................................................................... 10 TRADE NAMES VS. TEAM NAMES ........................................................................................................... 11 NAME CHANGE ......................................................................................................................................... 11 Rule 605:10-7-5. ......................................................................................................................................... 11 ENTITIES ........................................................................................................................................ 11 CORPORATION ............................................................................................................................. 11 Rule 605:10-7-8. ......................................................................................................................................... 13 Rule 605:10-11-3 ........................................................................................................................................ 13 PARTNERSHIP............................................................................................................................... 13 Rule 605:10-7-8.1. ...................................................................................................................................... 14 ASSOCIATIONS (LLCS) ................................................................................................................. 14 Rule 605:10-7-8.2. ...................................................................................................................................... 15 SOLE PROPRIETOR ...................................................................................................................... 15 PLACE OF BUSINESS ................................................................................................................... 15 Rule 605:10-9-1. ......................................................................................................................................... 16 OFFICE IDENTIFICATION.......................................................................................................................... 16 Rule 605:10-9-2. ......................................................................................................................................... 17 THE AMERICANS WITH DISABILITIES ACT ................................................................................. 17 TITLE I - EMPLOYMENT ................................................................................................................ 17 TITLE III - PUBLIC ACCOMMODATIONS AND SERVICES OPERATED BY PRIVATE ENTITIES ........................................................................................................................................ 17 2020, Joyce Painter, CRS, ePRO, GRN, GRI [email protected] 2 TELECOMMUNICATIONS .......................................................................................................................... 17 ACCESSIBLE WEBSITES AND THE ADA ............................................................................................... 18 FAIR HOUSING ADVERTISING ..................................................................................................... 19 PROPERTY MANAGEMENT .......................................................................................................... 21 CHANGE: OKLAHOMA’S LANDLORD AND TENANT ACT ........................................................................ 21 ANTITRUST LAW AND REAL ESTATE PRACTICE ....................................................................... 22 SUPERVISING AND MONITORING ASSOCIATES ........................................................................ 23 EMPLOYER / EMPLOYEE.......................................................................................................................... 24 INDEPENDENT CONTRACTOR STATUS IN REAL ESTATE .................................................................... 24 INDEPENDENT CONTRACTOR: COMMON LAW ..................................................................................... 24 INDEPENDENT CONTRACTOR: NONEMPLOYEE (STATUTORY) ..................................................... 24 OKLAHOMA WORKERS’ COMPENSATION ACT ....................................................................... 26 ASSOCIATE COMPENSATION .................................................................................................................. 27 MONITORING ASSOCIATE LICENSES ..................................................................................................... 27 PROVISIONAL ASSOCIATES .................................................................................................................. 27 Rule 605:10-3-7 .......................................................................................................................................... 27 TEAMS ....................................................................................................................................................... 28 ACTS OF ASSOCIATES ................................................................................................................. 28 CAUSES FOR SUSPENSION OR REVOCATION OF LICENSe .................................................... 29 PROHIBITED DEALINGS ............................................................................................................... 31 SUBSTANTIAL MISREPRESENTATION ........................................................................................ 33 PERSONS PROHIBITED FROM REAL ESTATE BUSINESS ......................................................... 33 PENALTIES aND FINES ................................................................................................................. 33 UNLICENSED ............................................................................................................................................. 33 LICENSED .................................................................................................................................................. 34 INDUCEMENTS AND REBATES .................................................................................................................... 35 REFERRAL FEES ...................................................................................................................................... 35 ADVERTISING ...............................................................................................................................
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