QUESTIONS AND CORRECT ANSWERS

OLERE (Oklahoma Law and Ethics Related to Real Estate) Study Guide

QUESTIONS AND CORRECT ANSWERS

(VERIFIED ANSWERS) PLUS

RATIONALES 2025 Q&A | INSTANT

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• Which entity enforces Oklahoma real estate license laws?

Oklahoma Real Estate Commission (OREC) OREC regulates and enforces the Oklahoma real estate license code to protect the public.

• A broker must keep transaction records for how long?
• years

Oklahoma law requires brokers to maintain records for at least five years for auditing and legal compliance. 1 / 3

• What is the minimum age to obtain an Oklahoma real

estate license?18 Applicants must be at least 18 years old to qualify for licensure.

• Which of the following requires a real estate license?

Selling property for another for compensation Any act of listing, selling, leasing, or negotiating for others for a fee requires a license.

• How soon must earnest money be deposited?

By the end of the third banking day Oklahoma rules require earnest money to be deposited promptly, typically within three banking days.

• A licensee must disclose their status as a licensee when?

Before entering into any contract Disclosure ensures transparency and prevents conflicts of interest.

• Which type of agency is illegal in Oklahoma?

Undisclosed dual agency Dual agency must be disclosed and consented to by all parties, or it is prohibited. 2 / 3

• Which of the following is NOT a duty of a broker associate?

Paying commissions directly to other licensees Only brokers can pay commissions; broker associates cannot.

• When must a written brokerage agreement be provided to

the client?Prior to performing any brokerage service Written agreements clarify the terms and protect all parties.

• Which duty survives the termination of a brokerage

relationship?Confidentiality A licensee must maintain client confidentiality even after the relationship ends.

• What must be displayed at all brokerage offices?

The broker’s license The broker’s license must be prominently displayed to show compliance.

• A branch office must be managed by whom?

A broker associate or broker Each branch office must have a licensed manager to supervise activities.

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