Broker Martinez has been found by OREC to have commingled client funds with her personal bank account on multiple occasions. Under the Oklahoma Real Estate License Code, which of the following disciplinary actions is OREC authorized to impose?
Correct Answer
B) OREC may impose a fine, suspend or revoke the broker's license, or require completion of additional education, among other sanctions
Under the Oklahoma Real Estate License Code (Title 59 O.S. §§ 858-401 through 858-407), OREC has broad disciplinary authority including the power to impose fines, suspend a license, revoke a license, place a licensee on probation, or require additional education. Commingling client funds is a serious violation, and OREC is not limited to minor sanctions even for a first offense.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida real estate licenses must be renewed biennially, and sales associates have specific post-license education requirements for their first renewal.
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
More Practice Of Real Estate Questions
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