Under the Oklahoma Real Estate License Code, OREC has broad authority to regulate licensed real estate activity. Which of the following is NOT a power expressly granted to OREC under Title 59 O.S. §§ 858-100 through 858-605?
Correct Answer
C) Setting maximum commission rates that brokers may charge consumers
OREC does NOT have the authority to set maximum commission rates. Real estate commissions in Oklahoma are negotiable between the broker and the client and are not regulated or capped by OREC or any other state agency. Setting commission rates would likely constitute price-fixing and would violate federal antitrust law. This is a critical distinction — OREC regulates licensee conduct and qualifications, not the economic terms of brokerage agreements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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